President of LPP: I hope that investors will recover what they lost on the company's shares

Luc Williams

LPP investors will recover what they lost as a result of the “slander” reported by Hindenburg Research, and LPP has strong foundations and development prospects, believes the company's president, Marek Piechocki. He added that LPP will present forecasts for 2024 today.

“For 30 years, he has been building this company that pays PLN 400 million in CIT to the State Treasury and over PLN 2 billion in other taxes, and now someone is slandering us, which is suffering not only our image, but also our investors. Those who have been with us for many years, they know that we have always emerged stronger from such crises. We are also one of the few companies in Poland that has obtained audits of a public trust company, and we have also received awards from investors many times as a transparent company. I want to succeed today to the allegations. LPP, contrary to what the report says, does not conduct any operational or commercial activities in Russia, is not the direct or indirect owner of the company in Russia and has no control over it. I am sorry that we have to deal with this type of slander , but I believe that everyone who lost on this information will regain it, because the company has strong foundations and development prospects,” Piechocki said during a video conference.

Earlier, the analytical and investment company Hindenburg Research reported that LPP did not abandon its operations in Russia after the invasion of Ukraine. In turn, LPP submitted a notification to the prosecutor's office on the suspicion of committing a crime to the detriment of the company, its shareholders and stock exchange investors, and the basis of the notification is – as the company said – false or manipulated information published in the Hindenburg material.

LPP also denied and denied the information contained in the Hindeburg Research material, emphasizing that it does not conduct commercial activities in the territory of the Russian Federation, and the sale transaction of the Russian company was not fictitious and did not involve accounting or accounting manipulations. From 2022, LPP does not control the Russian company OOO Re Trading and its activities. LPP also noted that it did not ship goods to Russia via the territory of Kazakhstan.

LPP manages the fashion brands Reserved, Cropp, House, Mohito and Sinsay. The company has been listed on the Warsaw Stock Exchange since 2001; is included in the WIG20 index. In the 2022/2023 financial year (February 2022 – January 2023), the company had PLN 15.9 billion of consolidated revenues.


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