May 3, 2022 – In anticipation of Adler Group’s investor call today Viceroy have prepared some questions regarding their annual report regarding recent development. In addition to these questions, Viceroy have found significant discrepancies in Adler’s LTV calculations as well as management’s claim that the
April 29, 2022 – On 22 April 2022, Adler released KMPG’s special investigation report into the Adler Group and its subsidiaries. KPMG’s findings (or lack thereof, given Adler’s apparent unwillingness to cooperate) are hilariously damning. In a moment of pure lunacy: Adler management claims KPMG’s
Below is an unlocked PDF copy of KPMG’s special investigation report into Viceroy’s concerns at the Adler Group. This version can be highlighted and copied from, unlike the version posted on Adler’s website. Viceroy are analyzing the findings and will post further updates as the
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