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Kerry Group has decided to take action against Ontake Research, the little known hedge fund that last week launched a short attack on the company s shares.
The Tralee, Co Kerry-based group said yesterday that it had reported Ontake to the financial regulators where Kerry shares are traded - the Central Bank of Ireland and the Financial Conduct Authority in the UK.
Kerry chief financial officer Marguerite Larkin confirmed the complaint on a call with analysts following the company s 2020 annual results announcement yesterday morning.
Last Thursday Ontake, a hedge fund that had bet against Kerry shares, issued a scathing report sharply criticising Kerry s acquisitions strategy and claiming the company routinely overvalued the companies it purchased.
February 17, 2021 4:18 pm
Formal complaints have been made to both the UK and Ireland financial regulators regarding a report which shorted Kerry Group stocks.
Speaking yesterday (February 16) during a conference call for investors, Kerry Group’s chief financial officer Marguerite Larkin, said: “Last Thursday, a short note was published on Kerry Group. The notice is full of inaccuracies and errors and we strongly refute the points raised.
We have reported the notice to the relevant financial regulators – the Central Bank of Ireland and the FCA [Financial Conduct Authority] in the UK.
“We look forward to engaging with our shareholders over the coming weeks and if any shareholder would like to discuss in more detail please contact our investor relations team.”