Grífols, without a stock market price due to a report that accuses him of manipulating his accounts

2024-01-09 10:47:44

The Catalan multinational Grífols is blocked this morning on the stock market and it fails to set a price – which points to sharp falls – following a report that accuses it of manipulate the accounts and claims that his actions are worth “zero”. The document, from the Gotham City Research fund, which already brought down the company Gowex 10 years ago, claims that Grífols “manipulates the reported debt and EBITDA to artificially reduce its leverage”. The report of the ‘short seller’ defends that if his estimate of the real debt of the Catalan multinational is correct, “it will face significantly higher financing costs”.

The bearish fund assures that the new CEO of Grífols, Thomas Glanzmanndoes not mean a “change of management” in the company, where he says he has been since 2006. In addition, he claims that he was already on the board of directors “when the suspicious transactions described in the report happened”.

According to Gotham, the multinational blood derivatives company uses companies, GRF and Scranton – linked to the Grífols family – to “manipulate” its debt.

On Monday, Grífols closed on the markets with a quotation of 14.24 euros, and a stock market capitalization of around 8,675 million euros.

Grífols defends his “integrity and ethical conduct” and accuses Gotham of spreading “false information and speculation”

Grífols defended its “transparency, integrity and ethical conduct” on Tuesday. In a statement sent to the CNMV, Grífols has accused Gotham City Research of publishing “false information and speculation” about their financial situation. “We categorically deny and reject any accusation of accounting practices or erroneous information in our consolidated financial statements”, said the Catalan multinational. Grífols has also reiterated that he does some “robust” internal controls and “regular and rigorous” audits. In addition, he assures that the transactions that Gotham talks about were “fully disclosed and audited”.