Procaps CEO says ‘working diligently’ to complete internal investigation

Procaps Group CEO Jose Antonio Vieira, in a letter to shareholders, said the company is working diligently with its accounting and legal advisors, in cooperation with external auditors, to complete the investigation in a timely manner “so that we can report audited financial statements to our shareholders.” Vieira said “I firmly believe in the long-term potential of the business and intend to chart the right path forward for Procaps to realize this value. While I acknowledge the near- and medium-term challenges our business faces, I remain confident, just as I did when I took this job, that Procaps is a viable organization with concrete growth perspectives and a path to profitability. However, this year our primary focus is on addressing our internal challenges. Our future depends on us concluding this investigation process and filing our audited financial statement with our 2023 20-F. In the meantime, we are working to correct the course where needed, securing financing and implementing our strategic plan.” The executive noted that the Luxembourg Court has ruled entirely in its favor, dismissing all of Hoche’s claims as unfounded. “The Court thoroughly examined the arguments from both sides and disregarded the arguments made by Hoche and upheld all the defenses presented by Procaps,” he said.