Audit comes after allegations of wrongdoing by Muddy Waters (Il Sole 24 Ore Radiocor) - Paris, 05 Jul - Following accusations of wrongdoing by the short-seller Muddy Waters Capital, the French pharmaceutical, food, and environmental testing company Eurofins Scientific said that it has hired Ernst & Young to audit its cash position.

Regarding Muddy Waters allegation that 'Eurofins' cash accounting seems designed to maximize confusion and inaccuracy - if not outright overstatement' the French group said that the "accusation is false, misleading and defamatory." It added that "cash is audited each year by Deloitte and the auditors of all Eurofins local operating companies by direct confirmations from banks. There is thus no doubt about Eurofins' cash position at 31 December 2023. In response to suggestions by some of its significant long-term institutional shareholders, Eurofins has mandated Ernst & Young Paris, one of the leading auditors for CAC40 companies, to perform an additional independent audit of Eurofins' cash pooling arrangements and cash situation in its consolidated financial statements as at 31 December 2023 and will report on the findings when available.".

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(RADIOCOR) 05-07-24 12:29:56 (0301) 5 NNNN