Grifols - comment

The Spanish Securities Market Commission (CNMV) has opened a file on the firm behind the short report in January.  The CNMVs began investigations into the claims in January and announced on Wednesday that they are initiating sanctioning proceedings against the short seller for market manipulation.  Grifols are also subject to sanctions for defects in their financial disclosures but the fine does not exceed €1m.

This is all a sideshow to the trading levels of the securities.  The main driver of performance will be the expectant bid from Brookfield and the family to take Grifols private.