Quindell struggling for investor confidence after Gotham attack

 
Oliver Smith
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SHARES in insurance outsourcer Quindell tumbled further yesterday despite the firm’s 12,500-word response to Gotham City’s shorting attack last week, which wiped £950m from Quindell’s market valuation.

Quindell’s shares closed down 18.37 per cent at 20p, a fall of over 48 per cent since Gotham published its controversial blog attacking the company on 22 April.

Despite a detailed response to Gotham City’s blog allegations on Friday, Quindell’s insistence that Gotham’s allegations are “highly defamatory, deliberately misrepresentative” and its directors buying a combined 780,000 shares during trading yesterday, the firm’s stock showed no signs of recovery.