Investors’ nerves are on edge

Building project by Adler in Berlin

The Adler Group is faced with serious allegations.

(Photo: Bloomberg)

Dusseldorf Investors are reacting with anger and incomprehension to the Adler Group’s announcement that it will have to postpone the publication of the annual financial statements, which were scheduled for March 31. “The management does not have the situation under control,” said a major investor to the Handelsblatt. The special investigation into the allegations by British short seller Fraser Perring is simply taking too long.

In October, Perring accused the Adler Group of fraud, manipulation and deception of its financiers in a dossier. The group completely rejected the allegations at the time. In addition, Adler announced a timely and detailed replica. At the same time, Adler commissioned forensic experts from the auditing company KPMG to investigate the allegations.

On Friday, Adler then announced in an ad hoc announcement that the group would have to postpone the publication of its annual financial statements. KPMG Luxembourg informed the company about this. The reason is the ongoing special investigation, which will probably not be completed before the second quarter.

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