NMC Health PLC (LON:NMC) shares soared on Monday as the FTSE 100-listed firm said it is to launch an independent review to assess allegations against its accounting policies made last week by US short-seller Muddy Waters.
The UAE-based hospital group said it was disappointed by the ‘very material and, we believe, unwarranted share price reaction’ to the report.
Shares in NMC have almost halved to 1,300p since Muddy Waters launched its bear raid on Tuesday and despite a rebuttal of the claims being published the following day.
In morning trade Monday, NMC shares jumped 27.6% higher at 1,660p.
NMC said the review of its financial statements will be undertaken by a leading accounting firm overseen by a committee of independent non-executive directors.
“We are confident that this review, when complete, will be entirely confirmatory of the disclosures provided by the company to date.
“We will also be progressing relevant legal and regulatory options following the actions taken by third parties to mislead the market and manipulate the share price.”
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