Korean bio-pharmaceuticals company Celltrion listed in Korea through a 2009 reverse merger. Accounting irregularities were first highlighted by the Wall Street Journal in 2012 but it was not until 2016 that the company came under attack from an anonymous short-seller, Ghost Raven Research. It alleged that Celltrion was inflating profits by selling to a related party, Celltrion Healthcare. It also claimed the company was inflating profits by capitalising expenses. True sales and profits were allegedly a fraction of reported. While Celltrion's corporate structure and accounting practices are unusual and aggressive, the allegations have not been proven.

Last updated March 2022

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