The short-side research house muddy waters has published a report about the german billboards operator Ströer here. As usual you have to agree their Terms of Service to download it.
In their report they say:
Well, it turns out that Ströer’s claimed digital organic growth rates are way off from what we can calculate. We see Digital organic growth rates of only 2.2% in 2014, and 2.5%
The Ströer stock reacted hefty to the report and is down 20 to 30% intraday.
Whether the accusations made are true or not – i like reading the reports of shortsellers because you can learn a lot about how to analyse a company.