Eurofins Clears Cash Audit, Denies Historical Allegations
Tuesday, Oct 22, 2024 1:21 am ET
1min read Eurofins Scientific, a global scientific analysis and biopharma services company, has announced the successful completion of an independent cash audit, confirming its FY 2023 cash balance and the integrity of its systems and controls. This development comes amidst the company's ongoing efforts to refute allegations made by short seller Muddy Waters regarding historical transactions that occurred between 10 and 25 years ago.
The cash audit, conducted by Ernst & Young Paris, one of the leading auditors for CAC40 companies, validated Eurofins' cash pooling arrangements and cash situation as of 31 December 2023. This independent assessment further strengthens Eurofins' commitment to transparency and accountability in its financial reporting.
Eurofins has also addressed the specific allegations related to transactions from 10 to 25 years ago, providing evidence to refute claims of impropriety. The company has made it clear that all real estate transactions with related parties were conducted at arm's length terms, and all buildings were paid for by their respective owners. Additionally, Eurofins has emphasized that its cash amounts are audited at both local and consolidated levels, with all required communication between accounting teams and auditors.
In response to the Muddy Waters allegations, Eurofins has taken proactive steps to regain investor confidence. The company has provided detailed responses to each allegation, refuting claims of inaccurate, irrelevant, biased, or misleading information. Furthermore, Eurofins has committed to working with its auditors to prepare further analyses as required, ensuring the highest standards of transparency and accountability in its financial reporting and internal controls moving forward.
As Eurofins continues to address the concerns raised by Muddy Waters, investors can be reassured by the company's commitment to integrity and the positive outcomes of the independent cash audit. The successful completion of the audit serves as a testament to Eurofins' dedication to maintaining the highest standards of financial reporting and internal controls.
The cash audit, conducted by Ernst & Young Paris, one of the leading auditors for CAC40 companies, validated Eurofins' cash pooling arrangements and cash situation as of 31 December 2023. This independent assessment further strengthens Eurofins' commitment to transparency and accountability in its financial reporting.
Eurofins has also addressed the specific allegations related to transactions from 10 to 25 years ago, providing evidence to refute claims of impropriety. The company has made it clear that all real estate transactions with related parties were conducted at arm's length terms, and all buildings were paid for by their respective owners. Additionally, Eurofins has emphasized that its cash amounts are audited at both local and consolidated levels, with all required communication between accounting teams and auditors.
In response to the Muddy Waters allegations, Eurofins has taken proactive steps to regain investor confidence. The company has provided detailed responses to each allegation, refuting claims of inaccurate, irrelevant, biased, or misleading information. Furthermore, Eurofins has committed to working with its auditors to prepare further analyses as required, ensuring the highest standards of transparency and accountability in its financial reporting and internal controls moving forward.
As Eurofins continues to address the concerns raised by Muddy Waters, investors can be reassured by the company's commitment to integrity and the positive outcomes of the independent cash audit. The successful completion of the audit serves as a testament to Eurofins' dedication to maintaining the highest standards of financial reporting and internal controls.
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