PARIS Nov 30 France's AMF stock market watchdog
is in the midst of a formal investigation into criticism made by
U.S. research firm Muddy Waters against French retailer Casino
which should last a few more months, a source close to
the matter said on Wednesday.
"The probe has been under way since the start of the year.
The AMF is conducting in-depth investigations on a complex
matter. It implies checking the communication of the two
protagonists in the case and assessing whether there has been a
violation or not," the source told Reuters.
In December 2015, Muddy Waters had criticised Casino's
accounting practices, saying the supermarket retailer was
"dangerously leveraged" and managed for the short-term,
prompting the worst slide in seven years in Casino's stock
Casino has rejected Muddy Waters' criticism and, having
raised the issue with the AMF, said it reserved the right to
take legal action.
(Reporting by Dominique Vidalon; Editing by Jean-Michel Belot
and Sudip Kar-Gupta)