text: He and the other defendants were accused of fraud and falsifying financial statements in relation to the bank’s 2011 stock flotation.
  In Tuesday’s ruling, the court said that the listing was done with the approval of all the supervisory bodies, including Spain’s central bank and the stock market regulator, CNMV and that information provided to investors on the bank’s finances was truthful.
  Bankia initially reported a 2011 profit of 309 million euros ($361million) but months later showed a 3 billion-euro loss. It was nationalized by the Spanish government a year later after a 22 billion-euro rescue.