Shares in Poland’s LPP LPP were suspended on the Warsaw bourse on Friday after falling 28% after short seller Hindenburg Research made allegations about the fashion group’s sale of its Russian assets.

The company denied the accusations.

“The report prepared by Hindenburg Research is part of an organised disinformation attack that has been prepared for five months and is aimed at reducing the share price of the LPP Group,” LPP wrote in an emailed statement.

“The group has full control over the situation,” it added.

LPP announced in 2022 that it had sold its Russian company RE Trading to a Chinese consortium and that its second Russian company, RE Development, would be shut down. Russian sales accounted for 19.2% of its group revenue in 2021/22.

The company said it decided to sell its Russian-registered companies because of the “uncertain situation and inability to predict the course of the armed conflict” between Russia and Ukraine.

Hindenburg Research, founded in 2017 by Nathan Anderson, is a financial research firm which looks for accounting irregularities and mismanagement and takes short positions in companies where it considers there is credible evidence of these.

It did not disclose the size of its short position in LPP.