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(Sharecast News) - Shares in Gerresheimer slumped on Thursday after the medical products maker said a day earlier that Germany's financial regulator BaFin was expanding its probe into the company's financial statements.
The new investigation comes amid ongoing internal reviews of its accounting practices. Gerresheimer also delayed publication of its 2024 results, originally scheduled for February 26, citing the investigations.
BaFin is now widening its probe into Gerresheimer's 2024 accounts over issues including potentially misstated lease liabilities and a failure to recognise impairments in assets within its advanced technologies unit.
Now the company faces a separate audit into its 2025 half-yearly report, with BaFin citing potentially outdated risk reporting, missing impairment charges and misstated bill-and-hold revenue, a practice in which revenue is recorded before goods are delivered.
Gerresheimer said it would continue to cooperate fully with the regulator "in order to clarify the facts transparently".
Shares in the company have slumped more than a third this year.
Reporting by Frank Prenesti for Sharecast.com
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