Dear Esteemed Recipients, We refer to our preliminary correspondence dated March 1, 2022, in relation to the above matter. On March 4, 2022 Laeringsverkstedet (LV) published a letter to the Norwegian Ministry of Education aiming to clarify their sale-and-leaseback agreement with SBB. The letter clarifies
Dear Mr. Novella Samhällsbyggnadsbolaget i Norden – Audit Risks We refer to Viceroy Research’s Samhällsbyggnadsbolaget i Norden AB (SBB) report dated February 21, 2022, and subsequent communications. We are contacting your due to concerns about audit risks at SBB. They involve: Auditor Risk: SBB shares
Dear Esteemed Recipients, Whistleblower Report – Laeringsverkstedet & Trygge Barnehager Viceroy Research has become aware of significant contract risks between Laeringsverkstedet (“LV”) and Trygge Barnehager (“TB”) (together “the Tenants”), and their new landlord: Samhallsbyggnadsbolaget i Norden AB (“SBB”). Together, the Tenants and SBB operate over
February 23, 2022 – Earlier today, SBB published a blanket and uninformative response to Viceroy’s Report: Hard to Pronounce, Harder to Justify Value, dated February 21, 2022. Readers can access this report here: https://viceroyresearch.org/samhallsbyggnadsbolaget-research/ SBB’s response can be found below: https://corporate.sbbnorden.se/en/update-on-viceroy-report-on-samhallsbyggnadsbolaget-i-norden-ab-publ/ SBB have not provided
Viceroy Research is short Samhällsbyggnadsbolaget (STO:SBB) and listed debt instruments. SBB is a debt-fueled rollup of rent-controlled assets. A review of the board of directors and management reveals several undisclosed, intimate relationships between the board members and/or with SBB: most directors appear to deal in
January 25, 2021 – On December 28, 2021, S&T issued a “detailed response1” to our report on the company. The response leaves numerous questions wide open and pathetically deflects several key concerns outlined by Viceroy. Viceroy welcomes the announcement of an independent forensic investigation by
DECEMBER 15, 2021 – Viceroy Research is short S&T AG (XTRA:SANT): a roll-up of low-quality, labor intensive “IoT” assets, often acquired under fire-sale circumstances. Analysis of individual subsidiary performance shows flatlining and negative growth due to frauds & federal raids, insolvency, security breaches, and general
October 27, 2021 –Viceroy are short PagSeguro (NYSE:PAGS) and StoneCo (NASDAQ:STNE), two Brazillian focused payment processors. After a raid by the FBI in conjunction the Department of Homeland Security on PAX Global Technology Ltd’s (SEHK: 327) Florida offices, we have serious concern for the operational
Viceroy have obtained the 12-page whistleblower report mentioned a recent Bloomberg article. Viceroy received the report anonymously just prior to our previous publication on Adler Group but Bloomberg make it clear that management and major stakeholders were aware of this information as early as March.
OCTOBER 6, 2021 – Viceroy Research is short Adler Group SA (ETR : ADJ) and its listed subsidiaries. The Adler Group is a hotbed of fraud, deception and financial misrepresentation designed to hide its true financial position, which is bleak. The Adler Group exists as
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