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Analyst Downgrades Grifols S.A. (GRFS) After Recent Short Seller Report – Hagens Berman


SAN FRANCISCO, Feb. 12, 2024 (GLOBE NEWSWIRE) — Hagens Berman urges Grifols, S.A. GRFS investors who suffered substantial losses to submit your losses now.

Grifols S.A. (GRFS) Investigation:

Securities analyst Juan Ros-Padilla of Oddo BHF recently issued a note to clients, downgrading Grifols shares to “underperform” and halving his price target to €9. “We see few incentives for the mainstream institutions to hold a controversial and highly levered stock,” Ros-Padilla reportedly said.

The analyst downgrade comes in the wake of a scathing Jan. 9, 2024 short seller report attacking the company’s accounting and corporate governance that has sent Grifols’ shares reeling.

In a report entitled “Grifols S.A.: Scranton and the Undisclosed Debts. Gotham City Research concluded that: (1) “GRF manipulates reported debt & EBITDA to artificially reduce reported leverage to 6x which we believe is closer to 10x-13x[;]” (2) “[b]oth GRF and Scranton Enterprises (a Grifols family vehicle) fully consolidate BPC + Haema onto their financial statements[]” and “[t]his treatment is materially deceptive[;]” (3) “[s]hould our estimate of the Grifols’ true leverage be correct, GRF will face notably higher financing costs[;]” and (4) “[c]onsequently, we believe shares are uninvestable, likely zero.”

Although Grifols has denied Gotham City’s allegations, the company’s shares have lost nearly 40% of their value since publication of the report.

“We are investigating Gotham City’s claims and whether Grifols’ may have manipulated its debt and earnings through transactions with a related entity,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.

If you invested in Grifols and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Grifols investigation, read more »


Whistleblowers: Persons with non-public information regarding Grifols should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw

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Reed Kathrein, 844-916-0895


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