Editorial: El Periodico

• Grifols, the family-based Catalan multinational pharmaceutical company, was severely affected in stock due to accusations of accounting manipulation published by the bearish fund Gotham City Research.
• The information suggests that Grifols has less profits and more debt than it has declared, indicating a higher level of leverage than reported.
• These accusations have created uncertainty among investors about the real situation of the company.
• Despite the accusations, Grifols denies the allegations and maintains that its figures are validated by auditors KPMG.
• Gotham City Research has a questionable track record, with false accusations, but also with investigative successes.

Conclusion: If the accusations prove to be false, it would be a serious attack on the company. If true, the risk of bankruptcy would be highly probable, triggering an accounting scandal. This case highlights the need for transparency and rigorous verification in financial reports, and the responsibility of auditors.

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