Tyro Payments (ASX:TYR) strikes back at alleged “false claims” over ongoing outage

• Tyro Payments (TYR) has issued a response hitting back at alleged “false claims” from a report criticising its ongoing service outage
• The Viceroy report came in the wake of Tyro’s significant payment system outage, which saw 30 per cent of its merchants impacted
• TYR has hit back against assertions in the report, deeming the claims false and part of an attempt to “obfuscate disclosures” made by TYR in the midst of the issue last week
• Payment systems are not yet back to being fully operational following the outage, with 9 per cent of merchants operating without at least one functioning terminal
• Tyro shares have surged 22.8 per cent higher on the back of the announcement, trading at $2.88 each

Tyro Payments (TYR) has issued a response hitting back at alleged “false claims” from a report criticising its ongoing service outage.

Viceroy released the report on January 15, in the midst of Tyro’s major connectivity issue, that saw around 30 per cent of Tyro’s merchants affected by the outage, with 19 per cent of those merchants classed as “fully impacted by the incident”.

That same day, in the wake of the report, Tyro requested that its shares be placed in a trading halt until January 19, given the movement of its share price that morning.

The report alleges a number of assertions regarding the outage, which Tyro deems a “deliberate attempt to obfuscate disclosures made by Tyro in relation to the terminal connectivity issue”. As a result, Tyro has written off the claims as “false”.

The company has outlined “10 key false claims” from the report in an announcement to the market and provided a “factual position” as a rebuttal to each alleged Viceroy claim.

According to the statement, one of Viceroy’s claims asserts approximately 50 per cent of Tyro’s merchant terminals are offline as at the date of the report. Tyro claims “at no time ” have 50 per cent of the terminals been offline.

The report also alleged Tyro has “no disaster recovery plan” in place, to which TYR affirmed it has a business continuity management policy and a business continuity plan.

The full statement can be found in TYR’s ASX announcement.

As it stands today, Tyro reports 85 per cent of its terminals are now fully functional, however, some 9 per cent are still operating without at least one functioning terminal.

Tyro has also says it has been advised by an unnamed law firm that a potential class action against it is being investigated, however, no proceedings have formally commenced at this time.

Tyro shares have surged 22.8 per cent higher on the back of the announcement, trading at $2.88 each at 1:04 pm AEDT.