(Alliance News) - Burford Capital Ltd said Deputy Chair High Wilson purchased around GBP206,800 in stock in a deal on Tuesday.
Wilson bought 29,410 shares at a price of 703 pence per share, following which he now holds 254,410 shares in total, reflecting a 0.1% stake.
Last week, on Wednesday, US research firm Muddy Waters LLC attacked Burford, accusing it of being a "poor business masquerading as a great one". It alleged Burford is manipulating metrics and "greatly" misleading investors.
Burford's shares have plunged since the report, with the stock closing at 777.00 in London on Wednesday, down 6.6%. Last Wednesday, they opened at 1,130.00p, a drop of 31% in a week.
Since then, the two have exchanged a tit-for-tat spat over the allegations. On Monday, Burford said it has contacted regulators and prosecutors after saying it had found "material" illegal market manipulation and trading of its shares around the time of the release on the original report.
On Tuesday, Muddy Waters said: "Leave it to former trial lawyers to talk so much, and yet say so little. Burford's written response and numbing two-hour call did nothing to dispel our view Burford aggressively marks its cases up to generate non-cash profits, manipulates its non-IFRS return on capital invested and internal rate of return metrics in order to justify its fair value gains, deliberately confuses investors about the extent of its fair value gains in each period, and has a fragile balance sheet with too much leverage, particularly given the excessive costs the business runs (of which a significant portion could be management compensation)."
Burford Capital (BUR)