The annual financial statements should actually be available on March 31st.
(Photo: Bloomberg)
Dusseldorf, Berlin The listed real estate group Adler Group SA has had to postpone the publication of its 2021 annual report, which was planned for March 31. Adler announced this on Friday. The reason for this is an ongoing investigation into serious allegations made by British short seller Fraser Perring in October.
Perring had accused the group of fraud, manipulation and deception of its financiers in a dossier. Adler then commissioned a special investigation from KMPG.
On Friday afternoon, Adler announced that “KPMG Forensic’s comprehensive examination of allegations by a short seller is still ongoing and will probably not be completed before the second quarter of 2022.” KPMG Luxembourg informed the group of this on Friday.
Together with the auditors, the company has now “set up an action plan” to publish the financial statements as soon as possible, it said. However, the company did not give an exact date. Within minutes of the announcement, the share fell by up to 22.8 percent to a record low of EUR 8.58.
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The price of the Adler share had already collapsed massively in October after Perring had attacked the group. But they recovered later, partly because Adler parted with multi-billion dollar residential portfolios.
At the time, Adler completely rejected the Perring allegations and announced a detailed reply. However, the group let pass a date that Adler media called. The management wants to wait until the auditors and lawyers present a final report, the group has said since then.
The real estate group has around 30,000 apartments, around 20,000 of which are in Berlin, the rest mostly in Duisburg and Leipzig. In addition, Adler still has project developments, including through the subsidiary Consus, in the other seven largest cities in Germany.
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