Grifols shares drop to 12-year low after new Gotham City Research report [Reuters]
GRIFOLS SA S/ADR (GIKLY)
NASDAQ:AMEX Investor Relations:
grifols.com/en/web/international/investor-relations/home-page
Company Research
Source: Reuters
of a new report by Gotham City Research questioning the financial accounts of the Barcelona-based company. Since early January, the short-sheller has released three reports repeatedly accusing Grifols of overstating earnings and understating debt in its financial accounts. The pharmaceutical company's market value since then has shed billions of euros Grifols has repeatedly denied Gotham City's accusations, saying it had already replied to all of the questions raised in the latter's reports. It declined to comment on the most recent claims on Wednesday. In its latest report, Gotham City Research concentrated on the financial arrangements between Grifols, its related family office, Scranton, and two subsidiaries. According to Gotham's original report , both Scranton and Grifols claim revenues from these subsidiaries but the financial relationship between them and the subsidiaries is unclear. In a statement on Feb. 20, Grifols rejected what it said were Gotham's "malicious,
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