Pharmaceutical Grifols began the week in negative territory, opening down 3 percent before slipping to a 9:30 am low of 6.6 percent. The slide extended after a Thursday close that marked a 16 percent drop, following a conference with investors intended to address questions about the company’s finances raised by Gotham City Research. Ibex started the session with a modest 0.19 percent uptick, nudging the index to 10,024.2 points and keeping the day near the 10,000 mark as Spain released its final December inflation data.
The Gotham City Research report that spotlighted the Gowex scandal has reverberated through Grifols stock performance throughout the week. Over the course of three trading days the company saw a roughly 30.44 percent decline, with some intraday moves exceeding that percentage. On January 9 the stock fell sharply after Gotham published its findings accusing Grifols of concealing a portion of its indebtedness, showing a loss approaching 26 percent and wiping out roughly 2.2 billion euros in market value in that single day period.
The broader market did not escape the pressure. Tuesday through Thursday contributed to the slide, with Giotts of negative sentiment intensifying as investors weighed the implications for balance sheets and governance structures. By Thursday’s close, Grifols had shed more than 40 percent at various moments during the session, underscoring the volatility faced by the sector during unsettled times.
Investors watched as the market faced renewed scrutiny around corporate governance and disclosure practices. On the latest trading day, Grifols announced plans to pursue legal action against Gotham City Research in an effort to defend its corporate standing and the integrity of its financial reporting. Although this move sparked a late-day recovery in some pockets of the market, the overall session ended with a meaningful decline for the stock, as concerns about governance lingered among participants.
During the earnings and governance discussion, Grifols leadership emphasized the necessity of stronger governance controls and clearer communication with investors. Company officials argued that Gotham’s analysis focused on capital gains rather than long term value creation and alleged that the published data included conclusions based on selective information. The executive team contended that regulators and the external auditor had previously reviewed and approved the relevant disclosures, challenging the portrayal that governance gaps existed unaddressed. The debate over transparency and accountability continued to shape how investors assessed the company’s risk profile and strategic outlook.
Amid the tension, Ibex 35 maintained the psychological threshold of 10,000 points for a portion of the period, reflecting a broader market stance that remained cautious yet resilient. Traders weighed the potential impact of governance reforms on Grifols’ ability to raise capital and meet debt obligations, alongside developments in the healthcare sector and regional regulatory milestones. While some market participants expressed concern about near-term earnings visibility, others highlighted the potential for a stabilization phase if governance messaging improves and if the legal actions yield clarity on the publishing process behind market disclosures.
Analysts noted that the volatility around Grifols is symptomatic of a wider narrative in the European pharmaceutical space, where investors increasingly demand transparency, robust risk management, and traceable cash flow expectations. In this environment, any material deviation from anticipated guidance or regulatory expectations can trigger rapid revaluations as market sentiment shifts between risk-on and risk-off postures. The week’s activity underscored the delicate balance between investor confidence, corporate accountability, and the evolving scrutiny of how information is presented to the market.