MADRID, July 2 Spanish wireless network provider
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.
Gotham City Research posted a report on its website on
Tuesday in which it questioned the company's revenue reporting
and the competence of its managers. Reuters was unable to
determine the accuracy of Gotham City's claims.
"The Company confirms that in 2013 it achieved revenues of
182.6 million euros ($249.08 million) ..., equity of 94.4
million euros, net cash position of 54.8 million euros and
having accrued 10.5 million euros in income tax," Gowex said in
"These figures have been verified by a chartered account
auditor," it added. The auditor that verified last year's
accounts was M.A. Auditores S.L.
Reuters could not reach anybody at M.A. Auditores S.L for
Gowex, which confirmed its investment and job creation
plans, also said it had requested the submission of tenders to
several "prestigious" audit firms, which it plans to hire in the
coming weeks. It declined to say which audit firms it contacted
and why it would hire a new auditor.
Gotham City Research did not answer repeated requests for
comment from Reuters. Reuters received an email on Wednesday
signed by Gotham City Research in which it stood by its report.
($1 = 0.7331 Euros)
(Reporting by Julien Toyer; Editing by Elaine Hardcastle)