The French advertising company's share price was hit this morning as rumours circulated that Havas's auditors had refused to sign off the company's accounts and that this was in some way related to the departure of Schmetterer.
In a statement issued this afternoon, the company said: "Havas confirms that it formally denies the unfounded rumours that circulated in the financial markets this morning regarding the alleged accounting irregularities. Havas has called on the French financial regulator, the Autorite des Marches Financiers, to investigate.
"As a result the group has today requested that the AMF immediately launch an investigation into possible manipulation of the Havas share price."
Shares in the company dropped as low as €4.67 this morning before climbing to €5.04 after Havas denied the rumours, still down by 3.63% on the first trade of the morning.
Schmetterer announced he was retiring this morning, saying that he had been considering the move for some time. He is to leave his post immediately and is being replaced by Jim Heekin, currently chief operating officer of Euro RSCG, but will remain as a strategic adviser.
Heekin was chairman and CEO of McCann-Erickson WorldGroup until June last year, when he left as part of the fall-out surrounding accounting irregularities at the agency.
Schmetterer had been seen by some as a successor to Alain de Pouzilhac, chairman and CEO of Havas.
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