US Top News and Analysis | Tire giant Pirelli vows legal action as short seller alleges ‘close relationship’ with Russia

AI generated summary, Read the full article for complete information.

Italian tire manufacturer Pirelli announced that it has hired lawyers to pursue legal action against short‑seller Grizzly Research after the firm released a report claiming Pirelli maintains a “close relationship” with Russia that threatens Western security. Grizzly alleged that Pirelli’s Russian operations generate a larger share of profit than disclosed, purportedly accounting for 10 % of net earnings, and suggested the company supplies tires to the Russian military and shares critical technology with a state‑controlled institute. Pirelli refuted the accusations, stating it does not produce tyres for military use, that its Russian‑related revenue is far lower, and that the report contains false information; it has instructed its counsel to act in all jurisdictions to protect shareholders and the company’s reputation. The allegations briefly drove Pirelli’s shares down before they recovered.

Read more: https://www.cnbc.com/2026/06/04/pirelli-grizzly-research-russia-legal-action.html

#Pirelli #GrizzlyResearch #GattiPavesi #Kirovplant #Westernsecurity