Quindell has issued its detailed rebuttal of a report from US group Gotham City Research, but despite this its shares are still under pressure.
The company has already said it is taking legal action against what it called a "co-ordinated shorting attack" and it has published its response to Gotham City on its website.
Its shares, however, are still down 5% at 23.75p having fallen as low as 20p, despite directors promising to buy stock once they receive regulatory clearance. Before the Gotham City report issued on Tuesday they stood at 39p.
In a statement Tony Bowers, senior independent director and vice chairman of Quindell said:
It is disappointing that my executive directors have been forced to spend time responding to these allegations.
I hope with this extensive response to the Gotham "research" that investors will be reassured as to the company's transparent approach to investor relations.
It is the intention of a number of the directors to purchase shares in Quindell once they receive clearance from the appropriate regulatory bodies.
I have personally taken the time to ensure that the level of detail of our response meets the needs of all of the investors, including those with whom we have personally spoken. The board continues to target the company's move to the Main Market, as stated previously, and is looking forward to our US investor roadshow next week.
With trading at the start of the year being at record levels, the board remains confident for the prospects of the group.
