Euronext-listed Atos's recent woes have left investors reeling, as its share price plummeted by almost 95 per cent in just 12 months, wiping out €493bn (£419bn) of market capitalisation. A stark illustration of this volatility is the company's stock price, which dropped from approximately €519 at the beginning of 2024 to a low of €26 by December. This precipitous decline was precipitated by Atos's struggle with an unsustainable €3.9bn debt burden, necessitating a significant rescue deal and a 'Genesis' restructuring plan that resulted in a 19 per cent reduction in its global workforce, including operations in the UK.
As a prominent technology supplier to Whitehall and a former 'crown jewel' of the French tech sector, Atos's financial difficulties have raised significant concerns about the company's continued role in the UK's critical national infrastructure. Its digital systems underpin major institutions such as the NHS, National Grid, Ministry of Defence, and the BBC. The company's financial troubles have also triggered multi-pronged regulatory and criminal investigations in France, involving the Parquet National Financier and the Autorité des Marchés Financiers.
A cross-border alliance of 850 retail and institutional shareholders from the US, UK, and France is now pursuing a landmark €180m (£153m) shareholder class action against Atos's auditors, Grant Thornton and Deloitte. The lawsuit alleges professional negligence and misconduct in their certification of Atos's accounts between 2018 and early 2024. Sophie Vermeille, partner and founder of Vermeille & Co Avocats, which is spearheading the lawsuit, highlighted that French law allows shareholders to sue statutory auditors, a distinction from the UK legal framework.
Grant Thornton has stated it cannot comment on an ongoing investigation but affirmed its commitment to conducting audit engagements in full compliance with professional standards. Deloitte has been approached for comment but had not responded at time of writing. Separately, Vermeille & Co Avocats successfully sued Atos for access to its internal documents, arguing the scale of alleged fraud warranted the disclosure of seven years of financial records. Atos has since launched an appeal against this ruling, with a hearing on the documents scheduled for September 2026.