Orpea: The Board of Directors Mandates Grant Thornton and Alvarez & Marsal, Two World-renowned Firms, to Conduct an Independent Review

Rhea-AI Summary

Orpea's Board of Directors has appointed Grant Thornton and Alvarez & Marsal to perform an independent audit in response to allegations detailed in Mr. Castanet's book. These reputable firms will examine all necessary information and present findings to the Board and relevant authorities. Orpea is committed to collaborating with public authorities and addressing their requests. Founded in 1989, Orpea operates 1,156 facilities across 23 countries, providing long-term care to over 116,000 beds.

Positive

• Appointment of Grant Thornton and Alvarez & Marsal enhances credibility with independent audit.
• Commitment to transparency and cooperation with public authorities may restore investor confidence.

Negative

• Ongoing scrutiny from allegations may undermine investor trust.
• Independent investigation could lead to unfavorable findings impacting company reputation.

PUTEAUX, France--(BUSINESS WIRE)-- Regulatory News:

Orpea's (Paris:ORP) Board of Directors has appointed Grant Thornton and Alvarez & Marsal to conduct the review and audit assignments previously announced following the publication of Mr Castanet's book.

These two world-renowned firms have complementary skills and will be responsible for carrying out an independent examination of the allegations published in the book.

The appointed firms will be granted access to all the information they deem necessary from Orpea and its subsidiaries. They will present their findings to the Board of Directors as early as possible. These conclusions will also be available to the relevant authorities and will be the subject of a specific communication.

Orpea is committed to continue to work closely with the public authorities and to respond to all of their requests.

About ORPEA (www.orpea-corp.com)

Founded in 1989, ORPEA is one of the major world leaders in comprehensive long-term care, with a network of 1,156 facilities comprising 116,514 beds (26,359 of which are under construction) across 23 countries, which are divided into five geographical regions:

- France Benelux: 586 facilities/49,207 beds (5,672 of which are under construction)
- Central Europe: 268 facilities/28,419 beds (5,828 of which are under construction)
- Eastern Europe: 142 facilities/15,255 beds (4,101 of which are under construction)
- Iberian Peninsula/Latin America: 158 facilities/23,108 beds (10,373 of which are under construction)
- Rest of the world: 2 facilities/525 beds (385 of which are under construction)

ORPEA is listed on Euronext Paris (ISIN code: FR0000184798) and is a member of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices.

About Grant Thornton (www.grantthornton.fr/fr/)

Grant Thornton France, one of the leading audit and advisory firms in France, employs more than 2,000 people, including 125 partners in 23 offices, in five business lines: Audit, Advisory, Financial Advisory, Operational Advisory and Legal and Tax Advisory. It is part of Grant Thornton International Ltd, an integrated and independent network of more than 60,000 employees, including nearly 4,000 partners in over 130 countries.

About Alvarez & Marsal (AlvarezandMarsal.com)

Alvarez & Marsal is an international consulting firm founded in 1983, with 5500 employees in 65 offices. Alvarez & Marsal draws on its extensive operational experience and pragmatic approach to support clients facing high-stakes challenges or leading complex transformations to improve performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220201005746/en/

Investor Relations

ORPEA

Steve Grobet

EVP Communication and Investor Relations

s.grobet@orpea.net

Benoit Lesieur

Investor Relations Director

b.lesieur@orpea.net

Investor Relations

NewCap

Dusan Oresansky

Tel.: +33 (0)1 44 71 94 94

orpea@newcap.eu

Media Relations

Image 7

Laurence Heilbronn

Tel.: +33 (0)6 89 87 61 37

lheibronn@image7.fr

Charlotte Le Barbier

Tel.: +33 (0)6 78 37 27 60

clebarbier@image7.fr

Source: Orpea

FAQ

What is the purpose of the audit conducted by Grant Thornton and Alvarez & Marsal for Orpea?

The audit aims to independently examine allegations made in Mr. Castanet's book regarding Orpea's operations.

When will the findings from the audit of Orpea be available?

Findings will be presented to the Board of Directors as soon as possible and shared with relevant authorities.

How many facilities does Orpea operate?

Orpea operates 1,156 facilities, providing over 116,000 beds across 23 countries.

What potential impacts could the audit have on Orpea's stock?

The audit's findings may influence investor confidence and could impact Orpea's stock performance based on the results.