LONDON (Reuters) - Shares in Switzerland-based banking software maker Temenos (TEMN.S) fell as much as 4% on Monday, with two traders attributing the move to London hedge fund manager ShadowFall saying it had shorted the company’s stock.
ShadowFall, in a blog bit.ly/2sknCaO published on its website on Monday, said $809.5 million worth of Temenos stock had been sold by the company's management since 2013, compared to $10.7 million in purchases. Over the same period, the company had bought back $630.6 million in shares, it said.
“On the one hand Temenos’ management is happy for the company to buy-back stock whilst at the same time is content to personally sell stock at similar prices,” ShadowFall said in the blog.
Reuters could not immediately reach Temenos for comment.
Temenos’ shares recovered some of their earlier losses and were trading 1.3% lower at 152 Swiss francs at 1637 GMT.
Reporting by Thyagaraju Adinarayan in London and Silke Koltrowitz in Zurich; Editing by Kirsten Donovan