Procaps Group (PROC) has released an update.
Procaps Group is undergoing an internal investigation regarding historical accounting treatments and financial disclosures of a related party loan and other transactions. Their independent auditors, Deloitte, have withdrawn their audit report for the past financial statements, advising that they should not be relied upon until the investigation is complete. While the company’s Audit Committee hasn’t yet found material errors or the need for a restatement, a remediation process has been initiated in light of interim findings.
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