Grifols briefly gained as much as five percent at the opening of trading on the stock market, only to slip into negative territory shortly after. By 10 a.m., the shares were down about 1.37 percent, reflecting a day marked by volatility. The company confronted a challenging session after a bearish fund published a report alleging that parts of its debt were concealed within its accounts. Throughout the session, Grifols’ stock suffered rugged losses, with declines reaching roughly 25.91 percent at certain moments. In response, the company issued two statements asserting that the fund’s allegations were unfounded, emphasizing that its financial statements were “fully supported by its auditor, KPMG.” Despite the concerns, the regulator did not halt trading, even as the stock endured substantial losses during the day.
CNMV President Rodrigo Buenaventura stated that he had thoroughly reviewed Grifols’ information alongside the document released by Gotham City Research, a firm linked to past market exposés. Buenaventura stressed that trading suspensions are generally reserved for situations where investors are left without essential information or faced with significant information gaps. He described the current scenario as not meeting those criteria while speaking at a function held at a prominent Madrid stock market venue. The broader implication is that while questions persist, the conditions typically warranting a temporary pause in trading were not met in this instance, according to his account.
The Spanish stock market opened the following day with a slight retreat, mirroring a broader downturn across European markets. Early trading showed mixed signals in U.S. and Asian markets as investors digested the latest developments surrounding Grifols. In early activity, Grifols appeared to rebound, gaining almost 2 percent at the open and peaking at a 5 percent increase at one point, before steering back to a more moderate advance. The Ibex 35 rose at the outset, trading near 11,075 euros per share before trimming gains to settle around a 2.82 percent increase, with individual shares reaching as high as 10.85 euros.
The Ibex 35 began the session slightly higher but later drifted, reflecting a cautious mood among market participants. The index hovered around a modest 0.11 percent change as trading progressed, while early-year losses persisted for some assets. Market observers pointed to a packed macroeconomic calendar, including forthcoming industrial production data from European economies and retail sales figures from other major markets, as potential catalysts that could influence sentiment in the weeks ahead.