The CNMV begins to analyze Grifols and investigates whether Gotham spread misleading information

The National Securities Market Commission (CNMV) already has in its hands all the information it requested from Grifols after the Catalan multinational was accused by the analysis firm Gotham City Research of manipulating its accounts, and the analysis process is now beginning. of the situation of the pharmaceutical company.

The stock market regulator has been requesting information from the company and some shareholders since January 10, the day after the Gotham report was published, which has plunged Grifols' price by nearly 40% since then.

The conclusions of its analysis, the CNMV warns in a statement, may take a few weeks.

In parallel, the organization explains that it is also analyzing Gotham's conduct, with the aim of determining whether this analysis firm, which also acts as a bearish fund, respects European regulations on market abuse, and in particular whether spread misleading information.

Investors have seen this gesture as a boost to Grifols, whose stock rose 1.97% this Tuesday.

The Gotham report was devastating because it pointed to the great weakness of the Catalan multinational: its high debt.

Gotham accused Grifols of inflating its accounts by including in its balance sheets the results of two companies that it no longer owns, because it sold them to the company Scranton Enterprises, whose shareholders are members of the Grífols family and former directors of the company, and which has 8.4% of the multinational's shares.

Gotham claims that this maneuver, along with others, allows the company to report a much lower debt-to-earnings ratio than the bear fund believes is real.

Therefore, according to Gotham, Grifols is not saying what debt it actually has, and its actual ability to pay it back.

The CNMV explains that at no time has it had to suspend trading in Grifols shares, because it has not detected any situation of asymmetric information between the different investors.

The stock market regulator explains in its note that the analysis process it has undertaken may take weeks because it may have to request additional or clarifying information from Grifols, shareholders, or entities related to Gotham's report.

“The CNMV's priority until now has focused on information about the company available to shareholders and investors,” the communication states.

The CNMV clarifies that at the moment it cannot anticipate the conclusions or the actions that may arise from them, since the analysis of Grifols has just begun.

He adds that, "with the public information available", that is, with the accounts that the pharmaceutical company, which is listed on the Ibex-35, publishes every three months, "there is no evidence" that what Grifols explained "is not in accordance." with the regulations.”

What begins now is an analysis of the information required beyond that published quarterly until now.

Gotham Investigation

The organization explains that, in parallel, it has undertaken an investigation into Gotham City Research, its report, how it was disseminated and “the related market operations”, which may refer to the stock market operation that Gotham carried out before publishing the report. , and which allowed him, with a short position, to earn about 18 million euros.

The objective of the investigation into Gotham is to determine whether this firm is acting in accordance with European rules on market abuse, “in particular those that address the dissemination of misleading information.”

The CNMV adds that “said analysis must necessarily be informed by the conclusion of the review of Grifols' financial information mentioned above.”

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