Detailed response to 74 page report by Gotham City Research expected today

Quindell has begun legal action against the firm that attacked its financial reports and described its profits as “suspect”.

Quindell’s share price plummeted 56% shortly after the note by Gotham City Research was published on Tuesday. The share price has remained flat since and last night closed at 25p – some 35% lower than before the note was published.

Gotham City Research admitted in the research that it would profit from a decline in Quindell’s share price.

The technology and claims outsourcing giant believes Gotham City Research co-ordinated a short selling attack and has reported it to regulators.

Quindell described the note as “highly defamatory, deliberately misrepresentative” and entirely rejects the conclusions made.

Quindell said this morning that it expects to publish a detailed response to the 74 page report later today.