French IT hardware maker 2CRSi's shares drop 43% after Grizzly says it shorts stock (updated)
UPDATE 2-French IT hardware maker 2CRSi's shares drop 43% after Grizzly says it shorts stock Updates share move, adds company's response in paragraphs 2,3,5
June 18 (Reuters) - Shares in French IT hardware manufacturer 2CRSi fell by 43% on Thursday after U.S.-based short-seller Grizzly Research said in a statement that it had shorted the stock.
2CRSi said in its own statement later in the day that it disputed the content of Grizzly's report and was preparing a "substantiated response". It did not address Grizzly's specific claims.
2CRSi shares briefly opened after a one-hour delay before being suspended for most of the session in Paris. The last trade was at 0807 GMT, according to stock exchange operator Euronext.
Grizzly Research, which did not immediately respond to Reuters requests for comment, has not disclosed the size of its short position in the French firm.
2CRSi, which makes computer servers, asked Euronext to suspend trading in its shares.
(Reporting by Mateusz Rabiega and Gianluca Lo Nostro; editing by Alexander Smith, Kirsten Donovan)
((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))
Recent news on 2Crsi SA
See all newsBrief: 2CRSi CEO Says Independent Expert To Be Appointed To Value Design-Services Agreement
Brief: 2Crsi SA Says Independent Expert Finds Allegation Of Fabricated Revenue Unfounded Following The Grizzly Research Report
Brief: 2CRSi Appoints Firm To Investigate Grizzly Research Allegations
France's 2CRSi annual revenue jumps on AI demand
Brief: ÆTHER Consortium Annouces Application For European Commission’S Ai Gigafactory Call For Proposals