News : British IT Outsourcing Company Quindell Considers US Listing
August 21, 2014 -- Quindell Plc, a British IT outsourcing and consultancy company whose stock has been hammered following allegations by a short-seller, said it is exploring a U.S. stock listing and will not immediately re-apply for a premium listing in London.
Quindell's stock has fallen about in the past four months after U.S.-based Gotham City Research raised questions about its revenue model and profit quality.
"Even though we may not look to list in the UK in the near future, that doesn't mean we wont look at the U.S. We are looking at all options," Chairman Robert Terry told Reuters.
The company said in June that its application for a premium listing on the London Stock Exchange had been turned down.
Quindell said it did not meet a rule that its business should not have undergone significant change in scale or operations over the previous three years.
Quindell has started legal proceedings against Gotham City Research and a blogger who it says made defamatory statements about the company.
Terry said that Quindell was seeking unspecified monetary compensation from the short-seller.
"(We are seeking) compensation for the damage they tried to do to the business and of course they have done to the share price in the short term," he said.
Posted by Veronica Silva Cusi, news correspondent
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