Procaps Group (PROC) has released an update.
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Procaps Group, S.A. has announced its intention to restate financial statements due to errors and misstatements in historical accounting, primarily related to transactions before its Nasdaq listing. The decision follows an ongoing independent investigation revealing irregularities in related party dealings, revenue recognition, and internal controls. In response, the company is undertaking remediation measures, including personnel changes and enhancing its governance standards and financial reporting processes.
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