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(Reuters) – French orphanage operators on Monday dismissed allegations of ill-treatment by neighbors after summaries published in a forthcoming book in Le Monde newspaper dropped shares.
The article “Les Fossoyeurs” (Clocks) contained excerpts from a 388-page book by journalist Victor Castanet, which mistreats the group’s elderly residents in an area outside Paris.
“We formally reject all of these allegations, which we believe are false, outrageous and harmful,” the company said in a statement.
He added that he had already contacted his lawyers to take all necessary measures, including legal action.
Orpea is one of the largest operators of non-profit care homes in Europe along with its French rival Korian, with more than 1,156 facilities and 90,000 beds in 23 countries in Europe, Asia and Latin America.
The group is expanding rapidly, adding more than 1,000 new beds in the third quarter of last year as it will increase its revenue by more than 14% this year to more than 4.2 billion euros ($ 4.740 billion) before the pandemic.
The Paris Stock Exchange suspended trading at the request of Orpea at 1145 GMT, while the statement was released, with shares falling 16% to a one-day worst earnings, and Korian’s shares falling more than 10%.
Published by Fayard of Paris, “Les Fossoyeurs” will go on sale on Wednesday, January 26th.
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