CLZNF - Clariant discloses possible accounting fraud

Clariant (OTCPK:CLZNY -14.1%) plunges as much as 20% in European trading after saying it will delay its 2021 and Q4 earnings results as it investigates allegations by internal whistleblowers that staff manipulated accounts to meet financial targets. The company said it may be required to restate its annual financial statement for 2020, its H1 statements for the periods ended June 2020 and June 2021, and for quarterly reports during those years; it is not yet clear whether the issue extends prior to 2020. The alleged bogus bookings include restructuring charges, indemnities, warranties and environmental provisions with questions about accounting compliance and correct timing of the bookings, Bloomberg reports. Clariant also said it expects 2021 sales in its continuing operations rose by 15% in local currency to 4.37B Swiss francs ($4.72B), and will meet its forecast for adjusted EBITDA of 16%-17%, and the results of the investigation are not expected to

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Clariant discloses possible accounting fraud