2CRSi Shares Drop 43% After Grizzly Research Announces Short Position
Market Reaction and Company Responses
Immediate Share Price Impact
June 18 (Reuters) - Shares in French IT hardware manufacturer 2CRSi fell by 43% on Thursday after U.S.-based short-seller Grizzly Research said in a statement that it had shorted the stock.
2CRSi's Official Response
2CRSi said in its own statement later in the day that it disputed the content of Grizzly's report and was preparing a "substantiated response". It did not address Grizzly's specific claims.
Trading Suspension Details
2CRSi shares briefly opened after a one-hour delay before being suspended for most of the session in Paris. The last trade was at 0807 GMT, according to stock exchange operator Euronext.
Grizzly Research's Position
Grizzly Research, which did not immediately respond to Reuters requests for comment, has not disclosed the size of its short position in the French firm.
Company Background
About 2CRSi
2CRSi, which makes computer servers, asked Euronext to suspend trading in its shares.
(Reporting by Mateusz Rabiega and Gianluca Lo Nostro; editing by Alexander Smith, Kirsten Donovan)
