Update 11:05 am: Includes Temenos statement.

Temenos AG (OTCPK:TMSNY) experienced a sharp decline of 29% and was suspended from trading in Switzerland following the release of a damning short report by Hindenburg Research.

Hindenburg leveled serious allegations against Temenos (OTCPK:TMSNY), a Swiss-listed banking software developer and services company with a market cap of approximately $7.5 billion.

Responding to the report, Temenos (TMSNY0 stated that its board “fundamentally refutes” the allegations made by Hindenburg. The statement went on to declare, “The report contains factual inaccuracies and analytical errors, together with false and misleading allegations, which are intended to adversely impact the Company’s share price.” Temenos concluded with confidence in the strength of its business, financial performance, and cash position.

In light of these allegations, Temenos (OTCPK:TMSNY) is preparing to release its Q4 results on Monday following the market close, emphasizing that the results are consistent with the pre-results announcement made on Jan. 19.