This article's content is accurate to the most recent public game version, 0.4.8d.
"Recite strange and confusing stories to two random enemies. 50% chance for Confused against each target."
Cost: 4 MP
Source: Equipping the Grimoire Core.
Warped Fairy Tales is a spell with a 50% chance to inflict the 
Confused status effect against two random enemies.
The following enemies can cast Warped Fairy Tales: