2CRSi shares plunge following independent report on Grizzly Research allegations

Shares of the French server manufacturer 2CRSi dropped significantly on the Paris Stock Exchange, falling to approximately 19 euros following the publication of an independent expert report. The report investigated allegations originally raised by Grizzly Research in June.

The investigation covered activities between March 2023 and June 2026 across France and several international subsidiaries. While the expert confirmed approximately 425 million euros in sales and the reality of certain cash receipts, the report raised major concerns regarding documentation completeness, specific financing arrangements, and the final ownership or destination of certain equipment.

The findings highlighted significant weaknesses in transaction monitoring, accounting documentation, and several large-scale commercial contracts.