Excerpt from Motley Fool website:
"Over the past few years, it seems that companies in Singapore’s stock market have been an attractive target for market participants who publish negative investing reports..."
"...Silverlake Axis, whose technological products, systems, and solutions serve many major financial institutions in the Southeast Asia region, is one of the most successful software companies that Malaysia has produced.... From the fiscal year ended 30 June 2005 (FY2005) to FY2015, Silverlake Axis has seen its revenue and profit jump five- and four-fold respectively. "
"...an investing report was published on 20 August 2015 in which the writer, who “may” be short Silverlake Axis’s shares (when you’re short, you’re betting that the price of a stock will fall), has likened Silverlake Axis to high-profile fraud cases in the past involving software companies like Longtop Financial from China and Satyam Computer Services from India. It’s a serious accusation..."
"...it will be surprising if Silverlake Axis does not take action against the writer and others who may be involved with the report. In a statement filed with bourse operator and regulator Singapore Exchange yesterday, Silverlake Axis mentioned that it’s currently seeking legal advice on the matter."
"...The company also commented in the same filing that it “will be engaging Deloitte Singapore to undertake an independent review of the allegations… referred to in the Report and to provide its finding and conclusions as to their veracity, which [Silverlake Axis] will publish in due course.”
Full Report here https://www.fool.sg/2015/08/26/making-sense-of-the-recent-short-attack-against-silverlake-axis-ltd/
