MADRID, July 2 (Reuters) - 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 a statement.
“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 comment.
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)