The Board of Directors of Nuvei Corporation (“Nuvei” or the “Company”) (NASDAQ:NVEI) (TSX:NVEI), the global payment technology partner of thriving brands, today released its statement of support
The Board of Directors of Nuvei Corporation (“Nuvei” or the “Company”) (NASDAQ:NVEI) (TSX:NVEI), the global payment technology partner of thriving brands, today released its statement of support for the Company and its executive team as part of its review of the allegations made in a recent short-seller report.
Immediately following the release of the report last week making a series of allegations against Nuvei, the Company’s Board led by its independent directors retained legal counsel to assist in determining whether the claims had any merit. Based on the review initiated last week, the Board believes that the claims are misleading, false or unrelated to Nuvei’s business. The Board is confident that Nuvei’s financial and other disclosures are accurate in all material respects.
Michael Hanley, lead independent director of Nuvei, stated, “As a leading and growing global payment technology provider, integrity is essential to Nuvei’s business and is the cornerstone of its commitment to all stakeholders, including its employees, customers and shareholders. We stand firmly behind the Nuvei executive team and its track record. The report is nothing more than a self-serving attempt to inflict damage on the Company's business and its leadership and generate a profit at the expense of Nuvei’s stakeholders.”
Nuvei has been subject to extensive due diligence, both by its private equity control investors as well as in connection with its public offerings and listings on the Toronto Stock Exchange and the Nasdaq. Moreover, Nuvei operates in a highly regulated environment and is continuously subject to extensive diligence and audits by regulators, bank partners, customers, card schemes and other industry stakeholders in all markets in which the Company operates.
Phil Fayer, Chair and CEO said, “The allegations made against Nuvei are malicious and unfounded. I stand behind all our employees as we continue to execute on our strategy with a relentless focus on supporting our customers and making the world a local marketplace. We will not allow the report to distract us any further and we remain unwavering in our commitment to drive growth and value for our shareholders.”
Mr. Fayer added, “We remain on track to deliver our full year 2021 financial outlook disclosed on November 9, 2021 and reiterate our medium and long-term growth targets,
reflecting our continued momentum around driving innovation, growth and new customer wins.”