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NMC Health PLC responded on Wednesday to allegations of improper bookkeeping leveled against it by short seller Muddy Waters LLC.
The criticisms, which include charges that the company NMC, -32.40% underreported its debt and paid excessive valuations in a number of transactions, were published in a report on Tuesday by Muddy Waters. Shares of the FTSE 100 company tumbled 33% in the aftermath.
The Middle East-focused private health care operator said that the accusations appear “unfounded, baseless and misleading,” and it will respond in detail in due course.
“The company has a track record of significant, open and increasingly detailed disclosure to the market, as monitored and reviewed by its entirely independent disclosure committee,” it said.
NMC added that it reaffirms its guidance for 2019 and 2020 as announced in its Oct. 21 capital markets day.
The company also said that it will execute a $200 million share buyback approved by shareholders on Dec. 5.
