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Sumitomo Pharma Calls Short Seller Report on Stem Cell Therapy Unacceptable

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Sumitomo Pharma (TYO:4506) has deemed a Gotham City Research report on one of its products as unacceptable, according to a Tokyo bourse filing on Wednesday.

The Aug. 7 report claims that Amchepry, the company's stem cell therapy for Parkinson's disease, is linked to image duplication issues.

The pharmaceutical company said the report is based on Gotham City Research's unilateral views and assertions.

The company previously denied allegations of misstatements and inappropriate accounting treatment raised by Gotham City Research on an Aug. 3 report.

The company said it will take necessary steps, such as legal action, against inaccurate or misleading information.

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