Altran: stock unlistable after fraud discovery at Aricent
(CercleFinance.com) - The Altran Technologies was unlistable this morning when the Paris Stock Exchange opened, after the group discovered "fictitious purchase orders" (from an individual, at a single client) amounting to ten million dollars at Aricent, a major acquisition in the United States.
After closing at 11.98 euros yesterday, the threshold for downward suspension of the Altran share is 8.90 euros. In the current state of the order book, the suspension suggests a theoretical opening under this level.
The case is significant financially: the direct and indirect impacts of this incident have led the group to revise the Aricent margin from 18.7% proforma at the end of September 2017 to 15.6% at the end of June 2018, analysts at Portzamparc said this morning.
However, Altran believes that the fundamental reasons for its operation have not been called into question by this "incident". The group has immediately initiated a recovery plan to restore Aricent's margin profile to the levels presented in previous submissions.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
After closing at 11.98 euros yesterday, the threshold for downward suspension of the Altran share is 8.90 euros. In the current state of the order book, the suspension suggests a theoretical opening under this level.
The case is significant financially: the direct and indirect impacts of this incident have led the group to revise the Aricent margin from 18.7% proforma at the end of September 2017 to 15.6% at the end of June 2018, analysts at Portzamparc said this morning.
However, Altran believes that the fundamental reasons for its operation have not been called into question by this "incident". The group has immediately initiated a recovery plan to restore Aricent's margin profile to the levels presented in previous submissions.
Copyright (c) 2018 CercleFinance.com. All rights reserved.