Canadian online gambling operator Intertain Group says an independent committee has refuted claims detailed in a report that caused Intertain’s shares to fall by one-third in December.

On Monday, Intertain issued a statement saying the committee it appointed in the wake of December’s stock sell-off had determined that the “principal claims” by the “self-described short seller” Spruce Point Capital Management were “false and misleading.”

Spruce Capital had taken issue with the future earning potential and allegedly unfunded earnout obligations of Intertain’s mainstay UK-facing online bingo acquisitions, including Jackpotjoy and Mandalay Media. The report also voiced concerns over the eagerness with which Intertain’s senior management paid itself handsome bonuses for identifying future acquisition targets.

Intertain’s committee, which consisted of non-management directors, says it engaged Voorheis & Co LLP and Stockwoods LLP to assist in the review, while Deloitte was retained as committee advisor.