The attack by the bassist Gotham against the Spanish multinational Grifols, under the scrutiny of the Spanish Justice. The judge of the National Court José Luis Calama has admitted a complaint from the Anti-Corruption Prosecutor’s Office, which in turn received information from the National Securities Market Commission (CNMV) to investigate Gotham City, to General Industrial Partners LLP (GIP) and several of its executives for allegedly releasing “biased and misleading” information about the credibility of Grifols to the financial market. Gotham’s objective is to induce Grifols investors to sell the shares of this pharmaceutical company, which is listed on the Spanish stock exchange and is part of IBEX, causing a drop in price that would generate a profit for the two companies denounced.
The facts are set out in a complaint filed by the Anti-Corruption Prosecutor’s Office for a possible crime against the market and consumers. Specifically, the magistrate considers that a crime classified in article 284.1.2 of the Penal Code could have been committed, which punishes “anyone who, directly or indirectly, or through a means of communication, through the Internet or through the use of technologies of communication or information or by any other means spread news or rumors or transmit false or misleading signs about people or companies. Knowingly offering totally or partially false economic data in order to alter or preserve the quoted price of a financial instrument.
In this case, and after explaining the operation of short positions, the AN considers that in the case of Gotham, we would apparently be “facing a spread of news or rumors about a commercial companyin this case about Grifols SA, which would contain totally or partially false economic data with the potential to alter or preserve the trading price of said company, and, in addition, the losses and profits occurred within the scope of operation of the false data spread».
The admission of the complaint presented by the Prosecutor’s Office comes after the report made public by the CNME in September, in which it appreciated a possible «manipulative behavior» by Gotham and GIP, transferring the information to the Public Prosecutor’s Office in case criminal actions arise. The CNMV considered, and the AN now assumes, that in its report of January 9 with which the attack began, there were “several biased, false or misleading elements and, on the other hand, a failure to comply with the obligations relating to objective presentation of investment recommendations.
In the same report. The CNMV also opened a file for a very serious infraction against Grifols itself for “the provision to the CNMV of regulated financial information with inaccurate or untruthful data or that omits relevant aspects” in the financial reports consolidated annual reports for the years 2021, 2022 and 2023, although it clarified by pointing out that there were no “significant errors in the accounting figures.”
The proceedings in the AN are parallel to Grifols’ lawsuit against Gotham filed before the United States District Court of the Southern District of New York, as well as the extension of the lawsuit filed months later.
In parallel, today the board of directors of Grifols will meet in an extraordinary manner this afternoon to analyze the information received from the Canadian fund Brookfield Asset Management, which is studying an offer of 10.5 euros per share, although it recommends that the company’s shareholders not support this price, which means valuing it at 6,450 million, considering it low.
«A potential offer at this valuation level would significantly undervalue the company’s fundamental prospects and its long term potential», the company stated in a statement sent to the CNMV.
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