Adler slumps as directors offer to quit after KPMG declines to give opinion on 2021 accounts

Adler SA

02/05/2022 07:33

** Shares in Adler  ADJ.DE  plunge 37.8% in early Frankfurt
trade after the German real estate group said on Saturday all
members of its board of directors had offered to resign with
immediate effect, after an auditor declined to give an opinion
on the company's financial statements  urn:newsml:reuters.com:*:nL3N2WS0DJ
    ** 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
    ** It said on Saturday auditor KPMG did not have enough
evidence to disprove all of the claims made against the
company urn:newsml:reuters.com:*:nFWN2WS001
    ** A local trader says the case really looks relatively
similar to the Wirecard one, adding it might weigh on German
sector
    ** German payments company Wirecard filed for insolvency in
June 2020, owing creditors almost $4 billion, after disclosing a
1.9 billion hole in its accounts that EY said was the result of
a sophisticated global fraud  urn:newsml:reuters.com:*:nL5N2NP2EJ
    ** The company reported its annual results on Saturday
 urn:newsml:reuters.com:*:nASM0009S2
    ** The stock is seen at bottom of German small-cap index
 .SDAXI 

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