tags:

• thesis/fraud
• analyst/gotham-city-research ...

Gotham City Research published on SES-imagotag (Paris: SESL — EUR2.64 billion), a French electronic retail labeling company. Gotham City Research raised concerns about SES-imagotag’s relationship with China-based BOE Technology Group, which is SES-imagotag’s “largest shareholder, largest supplier, one of the largest customers, JV partner, and on the audit committee.” Gotham City Research obtained BOE Technology Group’s Chinese financial filings and determined that SES-imagotag was inflating its financial results through round-tripped transactions and a spurious joint venture.