There is no Third Bridge sell report on Wirecard

The Wirecard share price dropped as much as 8.5 per cent on Thursday:

There are many reasons investors might want to sell a stock which has gone up a lot in the last two years, and has just been subject to the hoopla of joining Germany's premier market index, the Dax. However, a rumour was circulating on Thursday morning which is, so far as we can tell, not true.

We had heard from multiple sources that some form of short report was circulating, from an outfit called Third Bridge. The problem with this rumour is that Third Bridge doesn't write short reports, or even stock recommendations for that matter.

A corporate intelligence consultancy, it provides information on companies to a variety of clients, which include hedge funds. Its three main products are Intelligence, such as corporate case studies, Connections, where it puts clients in touch with experts, and Forum, where it conducts an interview and circulates the transcript. There was an innocuous transcript which mentioned Wirecard published in early August, according one Third Bridge client.

We spoke to Joshua Maxey, chief marketing officer and a Third Bridge founder. He had received multiple inquires about the supposed report, and was baffled. “Someone has got their wires crossed”, he said.

It is course possible there is some other form of new sell note, thesis, or critique circulating, which has produced the rumours. If so, please let us know, we haven't seen it.

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