SES Imagotag shares climbed nearly 40% on Friday following the publication of a new report by short-selling specialist Gotham City Research, which analysts said provided no new information on the finances of the French leader in electronic labeling for the retail sector.

The share price was briefly suspended after soaring in volatile trading. The stock was up 36.3% at 120.40 euros at 11:00 GMT, having climbed as much as 42%.

Gotham City reiterated its concerns about the company's accounts, already expressed at the end of June in a report which caused SES Imagotag shares to fall by almost 60% in one day.

However, analysts said the second report was not as negative as many had feared.

Gotham City declined to comment. SES Imagotag told Reuters that the company would respond in due course.

The second report focuses on the cash flow and accounting of the electronic label manufacturer and its subsidiaries.

It also details the background of the company's board of directors and raises questions about the independence of its members.

Maxence Dhoury, analyst at Portzamparc, told Reuters that, at first glance, the second report did not seem as "severe" as the previous one, which helped explain the stock's strong rise.

Gotham City's first report, published on June 22, referred to accounting anomalies in the commercial relations between SES Imagotag and BOE Technology Group, a Chinese display manufacturer, which happens to be the French group's largest shareholder, supplier, major customer and board member.

SES Imagotag refuted Gotham City's allegations. On June 26, the company reported that a new review by external auditors had concluded that it had not overstated its sales and that it had not increased the number of transactions with BOE.

(Reported by Nell Mackenzie, Amanda Cooper and Lucy Raitano in London and Michal Alesandrowicz in Gdansk; Augustin Turpin, edited by Blandine Hénault)