Eurofins reaffirmed on Friday that the allegations and insinuations contained in the latest reports by short-selling specialist Muddy Waters were either inaccurate, irrelevant, biased and/or misleading.

In a press release, the French bio-analysis giant points out that its accounts, and in particular its cash position, are audited annually by Deloitte teams.

However, to reassure its investors, the group states that it has decided to commission Ernst & Young Paris, an auditor highly regarded by CAC 40 companies, to carry out an additional independent audit of its financial situation.

Eurofins - which responds in detail to ten accusations made by Muddy Waters - argues that the latter has never provided the slightest proof of its criticisms, the American fund having itself acknowledged that it did not have 'direct evidence' to back up its opinions.

This observation leads the French group to consider that the activist fund's work is more akin to 'opinion journalism', based on unsubstantiated hypotheses and theories, and unfounded accusations.

'It is truly regrettable that such careless, self-serving and aggressive communication on the part of MW has been able to cause damage to certain investors, in particular passive funds and individual investors who are perhaps less familiar with the practices of short sellers', deplores Eurofins.

The group stresses that it has approached its legal advisors and European regulators, with the aim of conducting an investigation into possible price manipulation around its stock.

On the Paris Bourse, Eurofins shares rose by 0.3% following these responses, bringing their rebound for the week to over 3%. The share is still down 3% over the past month.

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