Minority shareholders of Grifols are considering seeking compensation from the company’s executives in Spain over suspicions that family members and executives affiliated with the company have “harmed” them. In particular, as sources familiar with the situation explained to the ‘actives’, “We are concerned that the company will be drained of resources and some will hold on to them.” The idea of these minorities is to use the laws of capital companies to act with social responsibility. As ‘Entities’ published, American law firms (Grifols is listed in the United States through ADRs) will also sue the Catalan pharmaceutical company for passing “false information” to the market. In fact, these firms have submitted forms to investors seeking to take legal action against the pharmaceutical company and have also requested cooperation in gathering information that could help demonstrate violations of U.S. exchange laws.
Grifols was accused by bearish fund Gotham City Research of holding much more debt than it actually was relative to its EBITDA (earnings before tax and depreciation), which in his view makes the shares “worth zero.” This caused a sharp decline Ibex shares, which are currently down nearly 50%.
claim compensation
Minority shareholders in Spain who are considering joining the request of law firms in the United States They would direct their claims through civil litigation in order to seek compensation (The company lost more than 4,000 million euros from its stock market value in a few days): Sources consulted explain that “The damage is done to the company” and the directors are asked to pay the company, which ends The American approach is to make direct payments to shareholders due to the stock market crash.
According to the published ‘assets’, the CNMV started the Grifols case not (or not only) because of alleged accounting regulatory problems at the entity Gotham City reported, but most of all, Suspicion of ‘tunneling’ operations between the company and the company called Scranton, depends on the family and the managers of the company. At the outset of the case, the focus was on the fact that, as the Gotham report points out, the problem was that Grifols had combined two companies, Biotest and Haema, into its accounts, despite not having a direct presence. In the capital. The company justified this accounting adjustment by explaining that both companies were part of Scranton, affiliated with Grifols, and also had a put option on them. However, the situation changed quickly when it became known The Securities Exchange Commission (CNMV), the market regulator, is focusing more on who is involved in Scranton It is greater than the accounting differences that may occur within the scope of consolidation. In fact, the CNMV sent Grifols a request giving him 10 days to provide information on individual Scranton shareholders and investors, including family members, former executives of the company and current executives.
Outside the consolidation circle
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“As for the perimeter of the consolidation, this is a matter of interpretation, as the auditors know very well. But we are not interested in the perimeter of the consolidation,” explains the media consulted by the ‘entities’. We are worried that the company will run out of resources and benefits certain shareholders, but not all.
These sources confirm that they are “aligned with the Securities Commission” and even reveal that they are considering a meeting with the regulator to gather information: “The logical way forward is to get information from the regulator. If the principle that governs the markets is transparency and we have no information, what are we playing with?” they ask.