Adler set for worst day ever after auditor declines to give opinion on 2021 accounts

Adler SA

02/05/2022 08:33

(Updates share move, adds milestone)
    ** Shares in Adler  ADJ.DE  sink 43%, set for their worst
day ever, after the German real estate group on Saturday said
all members of its board of directors had offered to resign with
immediate effect after auditor KPMG declined to give an opinion
on the company's financial statements  urn:newsml:reuters.com:*:nL3N2WS0DJ  urn:newsml:reuters.com:*:nFWN2WS001
    ** Adler has been embroiled in an accounting investigation
following allegations made against it last October by short
seller Fraser Perring's Viceroy Research  urn:newsml:reuters.com:*:nL8N2UL5T7
    ** A local trader says the case really looks relatively
similar to the Wirecard one, adding it might weigh on the German
sector
    ** German payments company Wirecard filed for insolvency in
June 2020, owing creditors almost $4 billion, after disclosing a
1.9 billion euro hole in its accounts that auditor EY said was
the result of a sophisticated global fraud  urn:newsml:reuters.com:*:nL5N2NP2EJ
    ** Stock trades at record low of about EUR 4 per share

 (Reporting by Linda Pasquini)
 ((Linda.pasquini@thomsonreuters.com))