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How Gowex CEO Went From Defiant to Disgraced in Five Days

It was 10:37 a.m. on July 1. Jenaro Garcia was preparing for a meeting with Madrid’s mayor aimed at fostering Spain’s entrepreneurial spirit when a message popped up on his phone. A short seller in New York had just released a report saying that Let’s Gowex SA, the company Garcia founded 15 years ago to offer Internet access via Wi-Fi hotspots, had overstated its revenue almost 10-fold in recent years.

Garcia denied the accusations and threatened legal action against the report’s author, Gotham City Research LLC. Gowex employees and its auditor made Batman jokes about Gotham, named after the Caped Crusader’s fictitious burg. And Garcia continued his usual routine, posting on Twitter, “Gooooood morning Madrid!!!! Perfect day for a jog.”