WSP Global shares fall after short seller releases critical report
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 03/04/2024 (911 days ago), so information in it may no longer be current.
MONTREAL – Shares of WSP Global Inc. fell in trading Wednesday after a prominent U.S. short-seller took aim at the engineering firm.
Spruce Point Capital Management attacked WSPin a 68-page report and argued in a press release that the company “appears to be under greater financial … stress” than its filings suggest.
The New York-based firm claims WSP seems to have “embellished” its earnings quality through “problematic accounting revisions,” and that its board needs new directors independent of management.
In an email, WSP says it is reviewing the report and that it maintains the highest governance standards.
Spruce Point says it sees 25 per cent to 50 per cent downside in the Montreal-based company’s shares, or about $110 to $165 per share.
WSP shares fell $13.48 or more than six per cent to $207.00 in early afternoon trading Wednesday. The stock hit a record high of $230.98 last week
This report by The Canadian Press was first published April 3, 2024.
Companies in this story: (TSX:WSP)
