PARIS: Solutions 30, a French technology services company whose stock has plunged owing to worries about its financial transparency, announced on Monday that it will conduct a shareholders meeting on June 30 to approve a plan to select PKF Audit & Conseil Luxembourg as its new auditor. According to the announcement, PKF will take over from Ernst & Young, whose mandate will expire on that day.
Solutions 30 shares were up 3.7 percent at 0746 GMT. After hedge fund Muddy Waters criticized Solutions 30’s business and auditor Ernst & Young refused to sign off on its annual report, the company has lost 52% so far this year. Solutions 30, which is based in Luxembourg and has shares listed in Paris, specializes in installing high-tech electric meters and connecting homes to fiber networks. (Dominique Vidalon contributed reporting, and Louise Heavens edited the piece.)
Reuters is the source of this information.
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