Shares in the firm rose 30 per cent on the news to 235.5p, but still remain far below the 682p high set in April.
The stock has taken a beating since Gotham City published a blog questioning
ON 22 April a mysterious US short seller called
"They have never attempted to speak to any¶ one in the business. Clearly I think that was a deliberate strategy because some of the things they put in their note were so easy to answer," says Terry, who moved aside from his role as executive chairman last month. "If they had ever bothered to talk to anyone, they couldn't have published what they did." In the immediate hours following Gotham's publication,
Gotham's blog called into question
"We didn't think it would have any-where near the effect that it did, but clearly they [Gotham] target businesses that have a large retail investor base, and they rely on the fact that they can push the price down by short selling," says Terry. "That's nothing to do with actual sentiment. They're just manipulating the mechanics of the market. Clearly there was no way that was institution-driven, it was retail-driven or stop-loss driven and purely manipulated by [Gotham]."
During the three days that followed, Terry and his team worked through the night to counter every criticism that had been levelled in Gotham's 74-page blog post.
"By Friday we had put out a 12,000 word rebuttal breaking down each of [Gotham's] points in detail. I think [Gotham] relied on the fact they had put so much dross in there that all still needed to be responded to. It was the right thing to do, to respond to [the blog] and reassure our shareholders." Today
"I would like to see them [the FCA] do something about it... and I'd love to see it be easier to bring these people to the
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- Discounts Help U.S. Auto Sales Sizzle in July
- Russia, Ukraine Now Face Off Over Football Clubs
- Colorado Issuing Immigrant Driver's Licenses
- Recruiting and Keeping the Perfect Employee
- MassMutual Teams Up With ALPFA
- Chrysler U.S. Sales in July Hit 9-Year High
- Fiat Looks Abroad After Chrysler Merger Vote
- Dow Wipes Out Gains for the Year: What Happens Now?
- House Shelves Immigration Bill, Goes on Vacation