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Sumitomo Pharma Denies Allegations of Misstatements, Inappropriate Accounting

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Sumitomo Pharma (TYO:4506) has denied allegations of misstatements and inappropriate accounting treatment raised in a report published by Gotham City Research on Aug. 3.

The company stated the report reflects the author's independent views and was not issued by Sumitomo Pharma, according to a Tokyo bourse filing on Tuesday.

The company confirmed its financial statements are prepared in accordance with applicable laws and accounting standards and have received unqualified audit opinions from independent auditors.

Sumitomo Pharma has not confirmed any of the alleged facts and currently has no plans to revise its previously disclosed financial statements.

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