The Board of Directors of ORPEA Has Decided to Mandate Two Leading Firms to Conduct an Independent Assessment to Shed Light on the Serious Allegations Made Against the Group

Rhea-AI Summary

ORPEA has acknowledged serious allegations made by Mr. Castanet in his recently published book. In response, the company's Board of Directors, alongside General Management, has mandated two independent firms to conduct a comprehensive assessment of these allegations. These firms will have full access to ORPEA's information and facilities. The findings will be reported to the Board and communicated with relevant authorities. ORPEA maintains that it did not orchestrate any accused practices and expresses commitment to addressing the concerns of families, residents, and staff.

Positive

• Independent assessment may enhance transparency and restore trust.
• Commitment to addressing stakeholder concerns.

Negative

• Serious allegations could impact the company's reputation and financial performance.
• Potential uncertainty during the independent assessment process.

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

The following is a statement of ORPEA:

ORPEA (Paris:ORP):

We are aware of all the elements of Mr Castanet's book, published today, and of his serious allegations which we treat with the utmost seriousness.

Consequently, the Board of Directors, in agreement with the General Management, announces that it has decided to immediately mandate two recognized firms to carry out an independent assessment of all the allegations reported in this book.

These two firms will have access to all information from ORPEA and its facilities which they deem necessary. Their names will be communicated in the coming days.

They will present their conclusions to the Board of Directors as soon as possible. These findings will also be made available to the competent Authorities and will be the subject of a communication.

We continue to affirm that at no time did the Group's management set up any system to orchestrate the practices of which it is accused.

We remain at the disposal of all the competent Authorities to respond to all their requests.

We would like to reiterate our commitment towards the families, residents and staff, whose concerns, incomprehension and pain over these allegations we understand.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005868/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 allegations has ORPEA acknowledged?

ORPEA has acknowledged serious allegations made by Mr. Castanet in his book.

What steps is ORPEA taking in response to the allegations?

ORPEA's Board has mandated two firms to conduct an independent assessment of the allegations.

How will the findings of the independent assessment be handled?

The findings will be reported to the Board of Directors and communicated to relevant authorities.

What is ORPEA's position regarding the allegations?

ORPEA asserts that it did not orchestrate any of the practices it is accused of.

How might the allegations affect ORPEA's stock symbol ORRRY?

The allegations could negatively impact ORPEA's reputation, potentially affecting investor confidence and stock performance.