Gotham City Research, the investment fund that denounced the Gowex fraud and caused the company’s stock market collapse, has issued a negative report on Grifols on Tuesday. It considers that the Spanish pharmaceutical company has manipulated its accounts “to artificially reduce its leverage”. As a result, it considers that “the shares are not investable” because “they are probably worth zero”.
Gotham accuses Grifols of having manipulated debt and Ebitda to report a leverage of 6 times, when it considers that in reality it is closer to 10 or 13 times.
Half an hour after the opening of the Spanish stock exchange, Grifols has still not managed to cross supply and demand for shares to offer a price.
