UPDATE 1-Trading in Spain's Gowex suspended pending company statement

Thu Jul 3, 2014 5:18am EDT

(Adds stock market statement)

MADRID, July 3 (Reuters) - Trading in shares of Spanish wireless network provider Gowex was suspended on Thursday pending a statement from the company, said the Mercado Alternativo Bursatil (MAB) on which the firm is listed.

Gowex on Wednesday said its accounts were accurate and it would soon hire new auditors after its shares dropped about 60 percent in two days on a report from Gotham City Research LLC questioning the company's revenue reporting and the competence of its managers.

In a statement, the MAB said it had requested Gowex to make public as soon as possible, and at the latest before the market opens on Friday, an action plan in relation to the report from Gotham City Research LLC.

Spain's stock market regulator said in a statement late on Wednesday that it had asked the U.S. Securities and Exchange Commission (SEC) and the UK's Financial Conduct Authority (FCA) to provide information about Gotham City Research LLC and its administrators in order to analyse whether the publication of its report could constitute a market abuse. (Reporting by Julien Toyer; Editing by Pravin Char)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.