BERLIN (Reuters) -Austrian IT company S&T said on Tuesday an external audit conducted by Deloitte found allegations made by activist investor Viceroy in December about its financial reporting were almost completely inaccurate.
S&T said Deloitte's report confirmed a statement it made in late December rebutting allegations made by Viceroy, only upholding a single aspect of the allegations made by the activist investor, about a notes disclosure made in the past.
S&T should have added a disclosure in its 2017 consolidated financial statement about a related party transaction involving the entertainment company funworld GmbH, said Deloitte's report.
The finding has no impact on previous stand-alone or consolidated financial statements, according to S&T.
S&T said publication of it audited financial statements for financial year 2021 will take place as planned on March 21.
Germany-listed shares in S&T fell to their lowest level in over three years after the Viceroy report was published in December.
S&T's Germany-listed shares surged 14% after the Deloitte report.