A material part is supported, but the published wording goes beyond the record.
A January 2024 Gotham City Research report, as reported by Bloomberg and Investing.com, said Grifols artificially reduced its reported debt ratio, in part by consolidating BPC Plasma and Haema, units it had sold in 2018.
- About
- Grifols, S.A.
- Claim made by
- Bloomberg, press report
- Published
- 9 January 2024
- Evidence score
- 80 How it was scored
- Last reviewed
- 25 October 2026
Why this label
The CNMV review of March 2024 found the professional judgments behind consolidating Haema and BPC reasonableS1. That does not support the claim that the consolidation itself was improper. The CNMV did find relevant deficienciesS1. It said Grifols used adjusted EBITDA without excluding results attributable to non-controlled interests, and it required Grifols to publish within fifteen days a detail of EBITDA and net financial debt for the main entities with non-controlling interests. In July 2025 the CNMV fined Grifols for inaccurate data in regulated financial information and for misleading information on alternative performance measures, as reported by ARAS7. That sanction is reported as under appeal. The record supports a criticism of how the debt ratio was presented, not the consolidation point. Gotham's report itself was not read for this reviewS4S6.
Current procedural position
CNMV review concluded 21 March 2024 with disclosure requirementsS1. CNMV sanction resolution of 24 July 2025 reported as under appeal by Grifols as of August 2025S7. No later ruling found.
Record supporting the assessment
the use of adjusted EBITDA without excluding the results attributable to non-controlled interests
Publiquen en un plazo de quince días un detalle del EBITDA y de las deudas financieras netas
providing regulated financial information with inaccurate or untrue data
to "artificially reduce" its reported leverage.
Conflicting or limiting record
The CNMV considers that the professional judgments and assumptions made by Grifols
the financial indebtedness reflected in Grifols' financial statements is in line with reality.
Evidence score: 80 of 100
The score grades how well the record establishes this assessment. It is not a score of Grifols, S.A.. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 27 | 30 | The CNMV is the competent securities regulator. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 14 | 20 | The letter addresses consolidation and EBITDA but not Gotham's figures. |
| CorroborationDo independent records support the same material point? | 11 | 15 | Press reports of the 2025 sanction agree with the 2024 CNMV findings on presentation. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 11 | 15 | The review is concluded but no sanction ruling exists. |
| CurrencyHas the record been checked against later developments? | 8 | 10 | Checked against the 2025 CNMV sanction, which is reported as under appeal. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 9 | 10 | The CNMV letter is filed on SEC EDGAR. |
| Total | 80 | 100 |
Timeline
Related cases
- CNMV review of Grifols, S.A. financial informationComisión Nacional del Mercado de Valores. Regulatory. Not published.Stage: Review concluded with disclosure requirements
- No significant errors found, relevant deficiencies found, further disclosures ordered within fifteen daysS1
- CNMV sanction proceeding against Grifols, S.A. and current and former directorsComisión Nacional del Mercado de Valores. Regulatory. Not published.Stage: Sanction resolved on 24 July 2025. Reported as under appeal.
- Fines of about EUR 1.4 million in total for a very serious and a serious infringement, per ARAS7
Responses
- Grifols, S.A., 9 January 2024: Grifols called the report false information and speculation and said it categorically denied any wrongful accounting, per Investing.com.S4
- Grifols, S.A., 9 January 2024: Grifols said in a filing that there was no new information that can be considered hidden, per Bloomberg.S6
Revision history
- Assessment first published with label Partly supported.
Have a record that changes this assessment? See corrections and responses.
Sources
- S1Tier A FORM 6-KComisión Nacional del Mercado de Valores, letter filed by Grifols on SEC Form 6-K. Regulator order. 21 March 2024.CNMV conclusions of its review. Supports no significant errors, relevant deficiencies and the fifteen-day disclosure orders. It does not rule on Gotham's report.
- S7Tier C €1.4 million fine for Grifols and its executives following Gotham accusationsARA. Press report. 6 August 2025.Reports a CNMV sanction resolution of 24 July 2025, published in the BOE on 6 August 2025, and that Grifols will appeal. The BOE text itself was not read.Link working, checked 25 October 2026
- S4Tier C Spain's Grifols slumps after short-seller accuses healthcare group of fraudInvesting.com (Scott Kanowsky). Press report. 9 January 2024.Summarises the Gotham allegations on the debt ratio and the consolidation of BPC Plasma and Haema, and the Grifols denial. It reports allegations only.Link working, checked 25 October 2026
- S2Tier B The CNMV confirms Grifols' financial statements and indebtednessGrifols, S.A.. Company statement. 21 March 2024.Company reading of the CNMV review. It frames the deficiencies as areas for improvement.Link working, checked 25 October 2026
- S6Tier C Grifols Denies Gotham Claims as Short Seller Triggers 26% RoutBloomberg (Clara Hernanz Lizarraga), via Bloomberg Tax. Press report. 9 January 2024.Reports the Gotham report, the share fall and the Grifols denial. Only the opening of the article could be read.Link working, checked 25 October 2026
Other claims about Grifols, S.A.
- Partly supported86Grifols said on 21 March 2024 that the CNMV confirmed its financial statements and indebtedness.Company statement, 21 March 20246 records citedDisclosure
- Unresolved47Spain's Anti-Corruption Prosecutor alleges that Gotham City Research and others spread biased and misleading information about Grifols to push down its share price.Press report, 9 October 20253 records citedMarket conduct