Bank of Queensland is standing by Temenos, the embattled Swiss provider of software to financial services firms, after it was accused by an activist investor of selling “vapourware” to Australian lenders.

Nate Anderson’s Hindenburg Research alleged the company had employed aggressive accounting practices and had sold faulty software to local lenders including Judo Bank, BNK and MyState. Shares in Temenos have fallen some 25 per cent to 66.24 Swiss franc ($114.05) in the weeks since the report.