The French regulator, Autorité des Marchés Financiers, on Tuesday said it’s concluded its investigation into both French supermarket chain Casino
as well as the short-selling firm Muddy Waters. The regulator said it’s sending what it calls letters of observations to both — telling Casino, about the quality of financial information between 2013 and 2018, particularly in regard to property development. To Muddy Waters — which earlier on Tuesday announced a new short position against NMC Health
— the regulator said it stressed “the importance of compliance with the principles of honesty, fairness and impartiality that apply to any person issuing investment recommendations, including from abroad, where these recommendations involve securities admitted to trading on a regulated market and can be accessed from France.” The AMF added that it will discuss its approach to shareholder activism in the first quarter of 2020.
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