Marex Group (MRX) on Wednesday refuted claims by Ningi Research that the company had off balance sheet entities.

"It is simply untrue that Luxembourg entities cited in the report are off balance sheet. There are no off balance sheet. All our activity is consolidated in our reporting," Chief Executive Officer Ian Lowitt said during an earnings call, according to a FactSet transcript.

Ningi Research issued a report last week claiming the financial services company has used off-balance-sheet entities, fake intercompany transactions, and misleading disclosures to hide losses, inflate profits, and downplay risk.

Marex Group reported earlier Wednesday Q2 earnings and revenue that rose year-over-year and beat analyst estimates.

The company's shares were up 2.4% in recent trading.

Price: 35.31, Change: +0.83, Percent Change: +2.41