mardi 1 juillet 2014

Bourse : Quand un mystérieux site envoie à la cave le titre GOWEX (Actualisé après les révélations de fraudes par le dirigeant)

par Didier Testot

Découvert par hasard, un site a mis en cause gravement la société Gowex (spécialiste du Wifi), faisant plonger le titre à la Bourse de Paris, trois lignes ont suffi pour la chute en Bourse :

  • Gowex shares are worth €0.00 per share.
  • Over 90% of Gowex’s reported revenues do not exist. We estimate GOW’s actual revenues to be <€10 million.
  • The shares will be suspended, just as Pescanova’s shares were suspended.
SUMMARY OF FINDINGS
  • Gowex’s actual Wireless revenues are at most 10% of what GOW reports in its financial statements.
  • GOW’s Hotspot network it owns or manages is ~5K in size. CEO told us 100K+ & JBCapitalMarkets estimates 35K.
  • GOW’s audit fee is €40,000, which makes sense if Gowex’s actual revenues are only 5%-10% of reported revenue.
  • 90% of Telecom revenue originated from undisclosed related parties, tied to GOW CFO & an early investor. We have evidence Gowex’s largest customer was really itself.
  • Gowex Telecom (i.e. Iber-x) website has not been updated in years. It appears to be no longer in business.
  • Gowex told some investors that New York City was paying them €7.5 million. GOW told us €2 million. The real number is <€200,000, according to New York City.
  • Gowex does not publicly disclose basic metrics, such as hotspot count or wireless revenue segment details.
  • The head of investor relations is the CEO’s wife. She signed off on GOW’s annual reports.
  • The June 5th MallPlaza press release (in English) makes demonstrably false claims. The same press release in the native Spanish omits the false claims.
  • GOW lied to the European Union’s Transparency Register, claiming it spent over €50 mm in political contributions.
  • CEO Jenaro Garcia was a Director of Advanced Refractive Technologies, a penny stock fraud whose shares were revoked by the US Securities and Exchange Commission.
  • GOW’s private market valuation is only €0.14 per share, based on Arqiva’s acquisition valuation."
Impossible de trouver beaucoup d'informations sur le site au doux nom de 

"GOTHAM CITY RESEARCH LLC"

Référence sans doute à Batman, mais pourquoi donc ?
Pourquoi s'attaquer à une valeur côtée de la sorte ? 
Avec un profil Twitter de spécialiste, plutôt sur l'analyse technique. Et déjà trois abonnements qui étonnent : Le Pape, un Pope et un financier. Un fonds vautour ? Mais sans indication aucune sur le capital et/ou les membres de l'équipe.
Le Financial Times s'était déjà posé la question le 23 avril dernière à propos d'une autre société victime des agissement du site : http://www.ft.com/cms/s/0/a841ea38-ca4d-11e3-8a31-00144feabdc0.html, en évoquant un M. Yu sous le compte Twitter @@LongShortTrader
Le commentaire d'un internaute sur le site de l'agence Blooomberg résume assez bien le "sujet" Gotham :










Le document d'accusation est partagé sur le site :
"
La réponse de Gowex, dans la journée


"Dear all,

Hereby, LET'S GOWEX, S.A., (hereinafter GOWEX) informs the market of the following:

1. The information published today by Gotham City Research LLC has major factual 

inaccuracies and false statements which the Company considers defamatory

2. None of GOWEX’s Management or IR team members have ever met Gotham City 

Research LLC as claimed in the report.

3. From a non signed document, the only objective sought by Gotham City Research 

LLC is deliberate damage both to the share price and to GOWEX’s image for its sole 

benefit.

4. GOWEX will not hesitate to take any legal actions against people responsible for 

this report and any other person involved.

5. GOWEX categorically rejects the conclusions of the Gotham City Research report.

GOWEX will provide further details and clarifications on this issue in the following days."

Vu la tournure du dossier, il va de soi qu'une enquête de l'AMF s'impose !


Des comptes qui seraient finalement falsifiés depuis 4 ans !!!


Ce week-end un nouveau rebondissement dans ce dossier puisque  selon la presse financière : 

"Jenaro Garcia Martin, a déclaré qu'il était l'auteur de comptes qui "ne donnaient pas une image fidèle" de la réalité, la société ne peut pas honorer ses dettes. Jenaro Garcia Martin a démissionné à la demande des membres du conseil d'administration, qui a demandé que la société soit placée sous la protection de la loi sur les faillites".

A noter que le Commissaire aux comptes de cette société est un certain José Antonion Diaz Villanueva du cabinet http://www.mvauditores.com/index.html . C'est à lui que revient la certification des comptes jusqu'ici. 












Vidéo GOWEX : 

1 commentaire:

  1. Nouvelle réaction de la direction de Let'sGowex ce jour : RELEVANT FACT: LET ́S GOWEX S.A.

    Subject: Communication to market

    In compliance with the stipulations of Circular MAB 9/2010 and in order to make available to the public as a

    relevant fact, LET’S GOWEX, S.A. hereinafter “GOWEX” or the “Company”, and following the relevant facts and

    information published yesterday July 1st 2014, informs you the following:

    The Company confirms that in 2013 it achieved revenues of 182.6 million euros, of which 25.4 million euros

    correspond to GOWEX Telecom and 157.2 correspond to GOWEX Wireless, equity of 94.4 million euros, net

    cash position of 54.8 million euros and having accrued 10.5 million euros in income tax.

    These figures have been verified by a chartered account auditor (i.e. R.O.A.C. no 2691 Madrid).

    GOWEX plans to carry out cumulative investments of 260 million euros for the period (i.e. from 2014 to end

    2018) in addition to the cumulative investments of 60.6 million euros accomplished by the Company since 2011.

    Furthermore, GOWEX intends to expand its level of job creation. Today, the Company generates direct jobs and

    In order to reinforce the transparency, the Company has requested the submission of tenders to several

    prestigious audit firms, facing hiring in the coming weeks.

    Moreover, GOWEX will increase the number of allied cities to its projects, business partners and customers.

    Currently, the Company offers its services in 91 cities, such as New York, Bordeaux, Madrid, Santiago de Chile,

    and Dublin amongst others. In addition, amongst its partners and customers are leading vendors such as Cisco,

    ZTE, Nintendo, AT&T. T-Mobile, iPass, Skype and Iberia.

    No customer of GOWEX is a related party.

    The Company notes that the independent stockbroker analysts have published target prices ranging from €17 to

    €31 per share. The market consensus is at a value of €23.97 per share.

    We remain at your disposal for any clarification deemed appropriate.

    Francisco Manuel Martínez Marugán

    Secretary of the Board of Directors

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