'So be it', Solutions 30 extends gains after shareholders okay 2020 accounts

Solutions 30 SE

01/07/2021 09:20

** Shares in French IT company Solutions 30  S30.pa  extend
Wednesday's gains, rising over 15% to the top of France's SBF
120, following shareholders approval of the disputed 2020
financial report  urn:newsml:reuters.com:*:nFWN2OB11R
    ** The stock closed almost 14% higher on Wednesday
    ** "So be it," Midcap Partners, who reinstates its "buy"
rating, says, expecting the story to end here, and adding
there's no sign 2021 accounts should not get a sign-off, after
Solutions 30 appointed a new auditor  urn:newsml:reuters.com:*:nL2N2OA0EP
    ** "The group achieves today almost 1 billion euro in annual
revenue ... its various underlying perspectives are booming and
it should naturally benefit from it," the brokerage adds
    ** The company's business practices have come under
criticism from hedge fund Muddy Waters, and its auditor EY did
not sign-off on its 2020 accounts last month  urn:newsml:reuters.com:*:nL5N2NA0DS
    ** Solutions 30 lost about 73% in market when the news broke
and is still down about 36.5% year-to-date
    
    

 (Reporting by Piotr Lipinski)
 ((piotr.lipinski@tr.com))