Grifols and Gotham Agree to Extend Trial Deadlines: Grifols Rises 3.3% on the Stock Market

Grifols and Gotham City have agreed to extend the time limits of the trial in New York, United States, following the reports published by the American company, in which it cast doubt on the company’s accounts, according to sources familiar with the decision explained to Europa Press.

The agreement, which was received by investors with a 3.3% rise in the stock market at the close of the session, provides that Gotham’s deadline to respond to the lawsuit ends next Monday and the deadlines for the following milestones that had been initially set between August and September have been extended, Cinco Días has announced .

Thus, Grifols will be able to modify the complaint filed until September 9, or notify in writing that it maintains it by August 13 at the latest. If this second case occurs, Gotham will have until September 12 to open response motions ; Grifols, until October 28 for its opposition and, again Gotham, until November 12 to respond.

Grifols has lost more than 49% of its value on the stock market in the last six months

Both parties have explained to the judge that the new deadlines give more time to consult the arguments and other issues of the case and allow them to maintain their programming during the summer. At the close of the day, Grifols shares were the most prominent in the Ibex 35, with a revaluation of 3.38%, up to 8.1 euros .

Grifols has been suffering falls since January 9, when the hedge fund Gotham City Research reported the consolidation of results of companies over which the Spanish company supposedly had no voting rights. At the end of the first half of 2024, the cumulative decline exceeded 49% .

Over the months, some of Gotham’s claims have been disproven, such as the anticipated failure of the sale of Grifols’ 20% stake in Shanghai Raas to Haier, closed last week, but new allegations have been surfacing. These are accusations relating to the granting of non-repayable loans to the family office Scranton Enterprises, in which the founding family has a stake .

The fall between months is explained, in part, by the fact that the blood derivatives company registered falls of more than 12% in the Ibex 35 this Thursday, following the latest updates to Grifols’ rating made by the credit rating agencies Moody’s and Fitch.

There was a slight rebound on Friday, after the company announced at the close of trading on Wednesday that it had already collected the 1.6 billion euros obtained from the Shanghai Raas transaction, and that it will allocate them entirely to paying off the debt that expires in 2025 and 2027.

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(Featured image by Austin Distel via Unsplash)

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First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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