The National Securities Exchange Commission (CNMV) told ‘actives’ this Tuesday that it had analyzed the Gotham City Investigative report on Grifols and reviewed what the company said and “Collecting the right data”.
The regulator explains that the Catalan pharmaceutical company’s shares were not suspended, but instead “buy and sell orders did not match”. “We do not suspend services because the shares of a listed company have risen or fallen too much. We suspend services when there is no information in the market or there is information waiting to be distributed,” say sources from the CNMV. “In this case, the report is public.” they add.
Bearish fund Gotham City Research released a report this Monday morning: interrogated Figures from pharmaceutical company Grifols. The report published by the company caused a collapse of up to 30 percent at the opening of Ibex 35. The document submitted by the fund is devastating for the Catalan group, which it accuses of manipulating its accounts and hiding part of its debt. This investment firm is the same firm that bankrupted the company ten years ago gowex and exposed the financial scandal that led to businessman Jenaro García facing justice.
The fund is owned by Grifols, which transfers investors. leverage six times its ebitda (earnings before taxes and depreciation), it actually owes between 10 and 13 times. Gotham City Investigation document reveals that both the Grifols and Scranton Holding company The finances of the family that owns the pharmaceutical company, which owns 8.4% of the pharmaceutical company, are misleading investors about its financial statements. “If our estimate of Grifols’ debt is correct, the company will face much higher financing costs than what it transfers to the market. We believe that these shares should not be invested and their real value is close to zero,” the report strongly states.
Grifols rejected the Gotham City Investigation report as follows: “Misinformation and speculation”. “As a company committed to transparency, integrity and ethical behavior, we categorically reject any accusations regarding accounting practices or inaccurate information in our consolidated financial statements,” they said in a related article published in CNMV.