Shares only rose 1% in Friday’s trading

Quindell’s detailed rebuttal of claims made by research company Gotham City have so far failed to restore the insurance outsourcer’s flagging share price.

Quindell’s share price closed at 24.75p on Friday, the day the company issued its rebuttal, up only 1% on Thursday’s closing price of 24.50p.

The shares are still trading 36.5% below the 39p they were trading at the day before Gotham issued its research report.

Quindell’s shares dropped sharply last Tuesday after little-known Gotham published a scathing attack on Quindell’s business model.

The insurance outsourcer rejected the claims, calling them “highly defamatory” and “deliberately misrepresentative”.