Grifols, S.A.
On 9 January 2024 short seller Gotham City Research published a report saying Grifols artificially reduced its reported debt ratio, in part by consolidating Haema and BPC PlasmaS4S6. Grifols rejected the reportS4. On 21 March 2024 the CNMV said it found no significant errors in the main financial statements and no current need for a restatement, but found relevant deficiencies in disclosures and in the use of adjusted EBITDAS1. Grifols described the outcome as a confirmation of its accounts and debtS2. In July 2025 the CNMV fined Grifols and directors about EUR 1.4 million, a decision reported as under appealS7. Spain's Anti-Corruption Prosecutor brought a complaint over alleged misleading information about Grifols, and a judge summoned suspects for early 2026S5S8.
- Also known as
- Grifols
- Headquarters
- Spain
- Records from
- Spain, United States
- Current status
- Grifols, S.A. is an operating listed Spanish company. The CNMV fined it in July 2025 over inaccurate financial information, a decision the company was reported to be appealingS7. A criminal investigation at Spain's Audiencia Nacional into the short seller that attacked it was open, with suspects summoned for February and March 2026S5S8.
Scope. This record covers Grifols, S.A. and its reporting on Haema AG and BPC Plasma Inc. It does not assess Scranton Enterprises or any shareholder, and it does not assess the short seller as a whole.
Claims assessed
3 claims. Scores grade the evidence for each claim, not the organization.- Partly supported80A 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.Press report, 9 January 20246 records citedAccounting
- 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
Cases and proceedings
- 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
- Fiscalía Anticorrupción against Gotham City Research, General Industrial Partners and executivesAudiencia Nacional (Spain). Criminal. Not published.Stage: Investigation. Suspects summoned for 26 February 2026 and 5 March 2026. Later steps not confirmed.
Responses on record
- Grifols, S.A., 9 January 2024, on A January 2024 Gotham City Research report, as reported by Bloomberg and Investing.com, sa...
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, on A January 2024 Gotham City Research report, as reported by Bloomberg and Investing.com, sa...
Grifols said in a filing that there was no new information that can be considered hidden, per Bloomberg.S6
- Grifols, S.A., 21 March 2024, on Grifols said on 21 March 2024 that the CNMV confirmed its financial statements and indebte...
Grifols said it was committed to improving and expanding the disclosures in its financial information.S2
Revision history
- Profile and 3 assessments first published. Records checked to 25 October 2026.
Source records
- 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
- S5Tier C La Audiencia Nacional cita como investigado al dueño de Gotham por difundir información engañosa sobre GrifolsForbes España. Press report. 9 October 2025.Reports the open Audiencia Nacional investigation and summons. Suspect status is not a charge or finding.Link working, checked 25 October 2026
- S8Tier C El 'Batman de Wall Street' tras el ataque a Grifols, citado por la Audiencia NacionalAra (Albert Rigol Baulenas). Press report. 9 October 2025.Corroborates the Audiencia Nacional summons for 26 February 2026 and reports the August 2025 CNMV sanction and a May 2025 New York ruling. It does not report what happened at the hearing.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
- 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
- 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
- S3Tier C La CNMV ve «deficiencias relevantes» en las cuentas de GrifolsThe Objective (Lidia Ramírez). Press report. 21 March 2024.Reports the CNMV deficiencies and fifteen-day requirements. It does not report a sanction proceeding.