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Reuters
30-05-2025
- Business
- Reuters
US court finds enough evidence to proceed with Grifols lawsuit against Gotham City
MADRID, May 30 (Reuters) - A New York court found enough evidence to continue with the defamation lawsuit filed by Spanish pharmaceutical company Grifols ( opens new tab against short seller Gotham City Research, Grifols said in a statement on Friday. Based on its findings, the Federal District Court for the Southern District of New York rejected a request filed by Gotham City to dismiss the lawsuit, Grifols said. In January 2024, Gotham, which had previously shorted Grifols shares, released a report accusing the company of overstating earnings and understating debt. Grifols denied the allegations but lost around a third, opens new tab of its market value following the report. Shorting involves borrowing shares in order to sell them, with the hope of buying them back more cheaply to make a profit. According to Grifols, the court also found that Grifols adequately argued that Gotham City's report contained false statements, such as that the company had failed to disclose a $95 million loan to Scranton Enterprises. Gotham City did not immediately respond to a request for comment.
Yahoo
30-05-2025
- Business
- Yahoo
US court finds enough evidence to proceed with Grifols lawsuit against Gotham City
MADRID (Reuters) -A New York court found enough evidence to continue with the defamation lawsuit filed by Spanish pharmaceutical company Grifols against short seller Gotham City Research, Grifols said in a statement on Friday. Based on its findings, the Federal District Court for the Southern District of New York rejected a request filed by Gotham City to dismiss the lawsuit, Grifols said. In January 2024, Gotham, which had previously shorted Grifols shares, released a report accusing the company of overstating earnings and understating debt. Grifols denied the allegations but lost around a third of its market value following the report. Shorting involves borrowing shares in order to sell them, with the hope of buying them back more cheaply to make a profit. According to Grifols, the court also found that Grifols adequately argued that Gotham City's report contained false statements, such as that the company had failed to disclose a $95 million loan to Scranton Enterprises. Gotham City did not immediately respond to a request for comment.
Reuters
27-02-2025
- Business
- Reuters
Grifols expects to boost revenue and free cash flow, shares soar
BARCELONA, Feb 27 (Reuters) - Spanish drugmaker Grifols ( opens new tab said on Thursday it expects its revenue, core earnings and free cash flow to grow significantly in the coming years as it aims to leave behind a tumultuous 2024 when it lost more than 30% of its market value. Shares in Grifols soared 13% on the day following its new outlook presentation, extending early gains after the release of a strong set of 2024 results on Wednesday, while Spain's blue-chip index Ibex was down 0.8% In a presentation to investors in London, Grifols said it expects positive free cash flow - excluding the impact of costs and expenses from merger and acquisitions - to rise to 1.2 billion euros ($1.25 billion) in 2029 and to 350 million-400 million euros in 2025 after 266 million euros last year. The Barcelona-based firm, which makes human plasma-based medicines, swung from a negative free cash flow in 2023, posting better-than-expected results, according to analysts. In its presentation to investors, Grifols - whose largest market is the United States - said it expects total revenue to grow to between 7.5 billion and 7.6 billion euros in 2025 from last year's 7.2 billion euros and to hit around 10 billion in 2029. It projected a further rise to 14 billion euros by 2034. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) should grow to at least 1.875 billion euros this year and to around 2.9 billion euros in 2029 compared to 1.779 billion euros last year. Grifols lost more than 30% of its market value last year, when Gotham City Research, a short-seller fund, released multiple reports accusing Grifols of overstating earnings and understating debt, which Grifols denies. It has sued the fund. In November, an investigating magistrate at Spain's High Court opened a probe into Gotham's actions over the possible violation of market and consumer protection laws. That month, Canadian fund Brookfield dropped its plan to take over Grifols due to a disagreement over its value.
