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Accounting Red Flags or Red Herrings at Catalent? (A)
內容大綱
Fund manager Janet Curie asked for a recommendation about the pharmaceutical company Catalent. The company seemed like a solid investment. However, a pair of research reports issued over the previous two months complicated this narrative. GlassHouse Research, a short seller that profited when stocks declined in value, identified accounting red flags at Catalent. Fiat Lux Partners, on the other hand, released a report countering most of GlassHouse's claims, arguing that GlassHouse fed investors red herrings. Both GlassHouse and Fiat Lux had anonymous funders and employees-and long disclaimers explaining their financial interests. Curie was at a loss-who, if anyone, could she trust? Who had uncovered actual wrongdoing, and who was using accounting tricks to mask or exaggerate real-world factors?