WARSAW (Reuters) – Polish police have opened an investigation into possible manipulation of financial instruments by Hindenburg Research, fashion group LPP said on Thursday.
Warsaw-listed LPP shares fell 36% on March 15 after Hindenburg Research questioned the company’s 2022 sale of its Russian assets in a report. LPP has denied the information published by Hindenburg Research.
Hindenburg Research did not immediately respond to an emailed request for comment, and Reuters could not confirm the investigation by the district attorney’s office because it was conducted after hours.
“The company has received a decision to initiate an investigation into the alleged crime of manipulating financial instruments in the form of company shares on March 15, 2024 by persons associated with Hindenburg,” LPP said in a statement on Thursday.
It said the investigation concerned “the dissemination via the Internet of information that gave, or was likely to give, false or misleading signals regarding the actual demand, supply or price of a financial instrument.”
He added that the investigation was launched by the Warsaw Police Department for Combating Economic Crime and is being monitored by the Warsaw District Prosecutor’s Office.