Grifols is holding a conference with investors tomorrow to refute Gotham City Investigators’ arguments

The bear fund released a report early this morning accusing the pharmaceutical company of manipulating debt rates and results. gross operating income (EBITDA) artificially reducing leverage, so its shares would become “uninvestable,” he warns.

Gotham points to other red flags, including undisclosed transactions with parties related to Grifols; which suggests that, at the very least, the quality of Grifols’ results “leaves much to be desired.”

On Monday, the fund filed a notice with the National Securities Market Commission (CNMV). 0.57% short position in Grifols capital. Thus, the closing price of the shares on Monday was valued at 34.6 million euros. At the price at which the shares closed today, Gotham’s potential profit will be around 9 million euros.

The pharmaceutical company released a statement early this morning denying Gotham City Research’s accusations and calling them unfounded. He later expanded his defense in another statement sent to the CNMV assuring that the fund’s intention was to reduce the share price.

Grifols reviewed the accounting practices he applied to the operations covered in the Gotham report and reminded that this practice was “fully approved” by its auditor, KPMG.

He also ensured that operations were carried out. “It is recorded in the company’s books and public accounts.”It has been filed with both the CNMV and the US SEC, so there is no new information that could be considered confidential.

Grifols maintains that he controls Haema and Biotest, although he does not own their shares. Although the statement does not state why the Grifols family consolidated these companies in their accounts together with the directors and former directors of the investment company Scranton, this is one of the criticisms made by Gotham.