Pirelli (PIRC) Initiates Legal Action Against Short Seller Grizzly Research

AI Summary

Pirelli (PIRC) is taking legal action against Grizzly Research, which accused the company of having a 'close relationship' with Russia that could threaten Western security. Grizzly alleged that there is a disparity between Pirelli's reported revenues and Russian filings, claiming that 10% of Pirelli's net profits come from Russia, contrary to the company's public assertion of only 6%. Pirelli aims to defend its reputation and protect shareholder interests following the short seller's claims. In response, Pirelli shares experienced initial declines but later rebounded.