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Sumitomo Pharma Says No Accounting Misstatements Alleged in Report Confirmed

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Sumitomo Chemical (TYO:4005) unit Sumitomo Pharma said that it has not confirmed allegations of financial statement misstatements and inappropriate accounting treatment, as claimed in a report published by Gotham City Research on Monday.

The company said that the report reflected the independent views of its author and was not issued by the company, according to a Tuesday filing on the Tokyo Stock Exchange.

The company said it currently has no plans to revise its previously disclosed financial statements, as it has not confirmed any of the alleged misstatements.

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