Grifols shares rebound after Spanish stock market regulator launches investigation
Catalan drugmaker accounts are being examined and Gotham's actions questioned
The share price of the Catalan multinational Grifols rebounded on Wednesday after the Spanish stock market regulator (CNMV) confirmed on Tuesday that it had received the Catalan multinational's report on its accounts.
Grifols' share price reached €9.3 on Tuesday after the CNMV's announcement, and on Wednesday morning it stood above €9 per share, consolidating a positive upward trend.
The CNMV said a review of the report could take "weeks", but that "so far, with the information publicly available, there is no evidence that the published and audited information of Grifols does not comply with the regulations".
The stock market regulator also said it was "analyzing Gotham's conduct regarding the content of its report, how it was disseminated, and related market operations."
Since Gotham's report was published on January 9, accusing Grifols of manipulating its accounts to hide its debts, shares in the Catalan company have lost nearly 39% of their value, more than €3 billion.
Gotham's accusations and Grifols' response
Catalan multinational Grifols saw its stock market price plummet on January 9 following a report that accused the company of manipulating their accounts.
The company's price dropped by as much as 40% during the course of that morning, after it initially appeared on the index without a price.
The report, created by Gotham City Research investment fund, said that the company's shares were worth "zero."
Grifols' CEO denied the fraud allegations and made commitments to improve company governance. Thomas Glanzmann said the claims in the short seller's report were "false."
Grifols announced it will take legal action against the hedge fund for the "significant damage caused" to the pharmaceutical company's finances and reputation.