Spanish regulator fines Grifols almost €1.4m following Gotham allegations
National Securities Market Commission accuses pharmaceutical company of providing "inaccurate data" and "misleading information"
Spain's National Securities Market Commission (CNMV) has imposed fines totaling €1.356 million on Catalan pharmaceutical company Grifols and several members of its leadership team over irregularities in financial reporting.
The penalties come in the wake of accusations made by short-seller fund Gotham City Research in January 2024.
The CNMV has fined Grifols €800,000 for providing "inaccurate and untruthful data" in its consolidated annual financial reports for 2021, 2022, and 2023, as well as in its consolidated financial statements for the first half of 2023.
An additional €230,000 in fines has been issued to several senior executives for the same violations.
Furthermore, the regulator has levied a separate €200,000 fine on the company for presenting "misleading information" related to the calculation of alternative performance measures during the same period.
Another €126,000 in fines has been imposed on individual executives for this latter offense, including the current CEO, Nacho Abia, and several members of the Grifols family.
Investigation
The penalties stem from disciplinary proceedings launched by the CNMV in September last year, which concluded with a ruling on July 24.
The regulator classified the infractions as "very serious" and "serious."
The decision was published on Wednesday in Spain's official state bulletin (BOE).
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