ValTrick Pharma has made many acquisitions. In each one it has limited its ownership stake to 49% of the acquired company. ValTrick meticulously audits each financial statement and scores A+ rated corporate governance. Theyve have never had conflicts with regulators or auditors. Earnings quality will likely be judged as:

a. Acceptable by regulators & compliant with local GAAP.

b. Low-quality due to lack of completeness.

c. Low-quality due to classification.