Gotham City Research published on Grifols (NASDAQ: GRFS — $5.96 billion), a Spanish pharmaceutical company. Gotham City alleged that Grifols “manipulates reported debt & EBITDA to artificially reduce reported leverage to 6x which we believe is closer to 10x-13x.” Specifically, Gotham City alleged that Grifols “fully consolidates BPC Plasma [and] Haema onto its financial statements” while at the same time a Grifols family vehicle, Scranton Enterprises, also consolidates those same entities onto its financial statements. Gotham City also found additional “undisclosed related party transactions” including loans and concluded, in part,
More ... latest change: 2026-02-08
2024-3-10 Update from Gotham City #
Gotham City Research published an update on Grifols (NASDAQ: GRFS — $5.77 billion), a Spanish pharmaceutical company. The update focuses on a roughly $300 million loan between Grifols and a related party classified vaguely as “other financial assets with other related parties.”
last updated: