It has been a tumultuous week for Tyro Payments. The share price of the payment solutions provider took a beating of almost 30% in the 5 sessions following a terminal connectivity issue with respect to a limited number of its EFTPOS terminals. The issue was first announced on January 7 and subsequently updated to the market on January 13.
On Friday, the company entered a trading halt after the most dramatic daily fall, following the release of a third party report which made false assertions contrary to the company’s recent disclosures.
On Tuesday, Tyro unequivocally disputed the claims by Viceroy Research to the media, and market participants, citing significant false claims and assertions in the report; and deliberate attempts to obfuscate disclosures made by Tyro in relation to the terminal connectivity issue.
Tyro highlighted that the report followed a familiar playbook used by overseas domiciled and unregistered operators seeking to generate uncertainty, so as to directly profit from or facilitate others to profit from their research. The report was also created without prior inquiry to Tyro.
Having reviewed and rejecting Viceroy Research's claims, Tyro set out the key factual misstatements in Tuesday's announcement which can be viewed in detail here.
After resuming trading on Tuesday, Tyro surged 25%, recouping a significant portion of last weeks losses.