Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

GN Store Nord's Q2 hit by U.S. fraud case, shares fall

Published 13/08/2015, 10:18
© Reuters.  GN Store Nord's Q2 hit by U.S. fraud case, shares fall
CSGN
-
GN
-
OMXC20CAP
-

COPENHAGEN (Reuters) - Denmark's GN Store Nord (CO:GN) announced on Thursday it would take a one-off charge of 150 million Danish crowns ($22.35 million) on Thursday citing a case of accounting fraud involving an employee at its U.S. hearing device distribution network Beltone.

Shares in the company, which also makes headsets, opened 11 percent lower after the news, a profit warning and a set of second-quarter results which feel short of market expectations.

GN Store Nord said it had terminated the contract of the employee, a vice president for finance, and said the fraud is still under investigation.

"The revelation of an accounting fraud at Beltone of 150 million Danish crowns is very disappointing," Credit Suisse (SIX:CSGN) analyst Christoph Gretler said in a note to clients.

GN's shares were down 8.5 percent on the Danish benchmark index OMXC20CAP (OMXC20CAP) at 0830 GMT.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.