After Gotham City Research released a scathing report on Quindell PLC (LON:QPP) (OTCMKTS:QUPPF) questioning the company’s earnings and setting a price target of 2p, Quindell saw its stock price quickly drop from 39p to less than 24p. Two days later, it has come back with a detailed refutation of Gotham City’s allegations, but its complicated rebuttal leaves the impression that a thorough look at the company’s books might be warranted.
Rationale behind Quindell's complex transactions unclear
One example is Gotham City’s claim that between 2009 and 2010, Quindell PLC’s (LON:QPP) (OTCMKTS:QUPPF) largest customer was ClicksUs4.com, a company owned by Quindell CEO Robert Terry.
“Gotham’s representation of the Clickus4.com relationship is based on...
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