Efforts by Silverlake Axis to refute a string of allegations in a negative research report that battered its share price during the past week haven’t been entirely effective. In fact, shares in the provider of IT systems to financial institutions continued falling after a trading halt was lifted on Aug 26. And, some analysts have adjusted their price targets down, acknow ledging that it could be some time before the questions raised by the report are answered satisfactorily.

The report, authored by an unknown person who goes by the moniker “razor99”, began circulating on the morning of Aug 21, triggering a fall of as much as 27% of Silverlake’s share price. That led to a query from the Singapore Exchange around noon on the “unusual price movements” and subsequently, a trading halt by 1.20pm.

In essence, the report alleges that Silverlake’s executive chairman and controlling shareholder Goh Peng Ooi has inflated its revenues and earnings through transactions with a “complex web of murky, private companies”. In FY2015 ended June, related-party transactions accounted for a significant 29% of Silverlake’s revenues and 23% of its expenses. The report says the “rationale and justification for these RPTs are flimsy” and warns that “their existence creates significant potential for fraudulent abuse”. It also alleges that related-party revenue booked by Silverlake from the privately held companies, which are controlled by Goh, might be “fictitious”.

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