PARIS (Reuters) – France’s AMF financial regulator suspects short-selling firm Muddy Waters of “deception” regarding supermarket retailer Casino whose shares have been hurt by Muddy Waters’ negative comments, newspaper Le Monde reported on Thursday.

French representatives for Muddy Waters had no immediate comment on the report. Casino declined comment.

“Inquiries have been opened, looking at both the stock price movements and the release of financial information. Procedures are under way and the AMF will not comment on either the content, nor the state of progress, of these matters,” an AMF spokeswoman said.

In 2015, Muddy Waters criticized Casino’s complex structure and accounting practices, saying it had high leverage and was managed for the short-term.

The AMF launched a probe into this criticism in early 2016 and a conclusion is expected this year.

Casino has consistently refuted Muddy Waters’ accusations.

Casino parent Rallye was placed under protection from creditors last month.

Muddy Waters said this action was “a resounding vindication of the warnings we sounded.”

Criticizing France as “an unwelcoming place for investors who are also whistleblowers”, it added: “We encourage the AMF to redirect its focus from skeptics and focus instead on their warnings.”

Casino has been grappling with large debts and a tough business environment, and has suffered credit ratings downgrades from Standard & Poor’s and Moody’s.

Casino is Rallye’s main asset. Rallye is controlled by Fonciere Euris, Finatis and Euris, which are all in the hands of Casino chairman and CEO Jean-Charles Naouri.

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