Month: October 2025

Short sellers are once again attacking the Polish company, causing CCC’s share price to fall by over 14%.

On Thursday, 16 October, NINGI Research published a report accusing CCC of inflating its revenues through fictitious sales of goods to an affiliated company. The result was a sharp sell-off of shares and millions in losses on the Warsaw Stock Exchange.

Sound familiar?

• The pattern is almost identical to Hindenburg Research’s attack on LPP in March.
• Short positions, a sensationalist report, investor panic – and a rapid decline in the share price.

In a commentary by Aleksander Cyniak and Aleksander Orzeł from the Romanowski i Wspólnicy law firm, we analyse:

• whether the activities of short sellers actually serve to improve the functioning of the market,
• who actually loses and who gains from the publication of such reports, and
• whether such activities are in line with European law (MAR).

You can find the commentary HERE

The Romanowski i Wspólnicy team advised LPP S.A. in the unprecedented case of Hindenburg Research’s attack on the company in March 2024. It was the first case of its kind on the capital markets of the European Union. We demonstrated that Hindenburg Research misled investors by making false allegations against LPP in order to profit from short selling at the expense of LPP shareholders. Criminal proceedings concerning the manipulation of LPP’s share price by Hindenburg Research are ongoing.

The company was advised by Michał Romanowski, Piotr Haiduk, Aleksander Orzeł, Aleksandra Cyniak and Mateusz Kędzior.

The advice included strategic support for LPP in connection with the publication of the so-called Hindenburg report and representation of LPP in proceedings supervised by the District Prosecutor’s Office in Warsaw in connection with the filing of a report of a crime committed by Hindenburg Research.

The law firm also represented LPP in administrative proceedings before the Polish Financial Supervision Authority related to the investigation of the proper performance of disclosure obligations in connection with the termination of LPP’s operations in Russia.

At the end of July 2025, the Polish Financial Supervision Authority approved the agreement concluded with LPP, ending the proceedings in this case.