Hindenburg’s claims first surfaced in February when the US-based activist investor  shorted Temenos stocks alleging "accounting irregularities, failed products and an illusive turnaround".

The allegations were based on a report Hindenburg conducted in February involving 25 former Temenos executives. The tech company’s share price subsequently dropped by 25% on the day of the report’s publication.

The responding independent probe was conducted by a special committee formed by the Temenos board and led by executive chairman Thibault de Tersant.

The committee was assisted by two law firms - Schellenberg Wittmer and Sullivan & Cromwell, as well as forensic accountants Alvarez & Marsal Switzerland.

According to Temenos, the committee was granted unrestricted access to company executives and all relevant documents including communications and records.

The subsequent review included more than 300,000 documents and electronic communications along with interviews with 17 current and former Temenos employees.

The committee determined that Hindenburg Research made "incorrect and misleading allegations about Temenos and its accounting, products and customer relationships and presented purported facts about Temenos in a distorted manner or out of context", stated Temenos.

The findings of the latest review were welcomed by Temenos chairman.

"The report has found that Hindenburg’s Research’s allegations were inaccurate and misleading," stated de Tersant. "It clearly reinforces the Board’s view that Temenos is running a sound business, offering best in class products and has robust financial controls and strong governance oversight. Temenos remains fully focused on servicing its clients and building relationships with its partners."

In addition, Temenos stated that it hopes to install a new CEO in time for its shareholder meeting in early May. The previous incumbent Max Chuard (pictured) departed in January 2023 under pressure from investors.

Hindenburg Research has yet to respond to the findings of the latest review.