Gowex Seeks Court Shelter As CEO Faces Accounting Charges

Law360, New York (July 10, 2014, 5:36 PM EDT) -- Spanish Wi-Fi hotspot provider Let’s Gowex SA sought bankruptcy court protection in Madrid on Thursday after a U.S. hedge fund unearthed an accounting scandal that has reportedly landed former CEO Jenaro Garcia Martin under criminal prosecution for reporting fictitious profits.

After years as a darling of the Spanish technology sector and a symbol of the nation's resurgence from a debt crisis, Gowex filed papers with a commercial court in Madrid reporting that the company faces imminent insolvency and has entered talks with principal creditors about a...
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