Grifols shares plummeted more than 4% this Tuesday at the opening of the Stock Market after the bearish fund Gotham City Research launched a new offensive against the blood products firm, also coinciding with the publication of its results, which will be announced this afternoon.

Thus, the Catalan company fell 4.51% on the Ibex 35, with its shares at 9.358 euros, which led it to lead the declines on the Madrid selective, although around 9:30 a.m. it reduced its fall to 2.55%, with their titles at 9.55 euros.

Specifically, Gotham has launched a new attack this Tuesday against Grifols by stating that BPC Plasma, a company controlled by the Catalan firm, lent “over the years” funds that it “received from a third party, most likely Grifols”, to the Scranton family office.

The bearish fund, which published the second part of the report ‘How an advance becomes a loan’ before the opening of the stock market, has indicated that, based on its understanding and analysis, it has seen in the case of BPC Plasma the same actions as with Haema. However, they have warned of “a twist”, given that they consider that “BPC over the years has lent funds that it received from a third party – most likely Grifols – to Scranton.”

“However, unlike Haema, BPC has since declared a dividend to Scranton. Instead of paying this dividend in cash, BPC has canceled loans worth some €266 million that it had extended to Scranton. This brings us to to think that Scranton never had the intention of repaying these loans,” Gotham explained.

In this context, the bearish fund has considered that “almost all of this sum has been suspiciously transferred from Grifols shareholders to Scranton shareholders, giving the appearance of having been transferred incorrectly.”

“In our opinion, the fact that there were Scranton shareholders on the board of Grifols, while this transaction was being carried out, seems a total failure of corporate governance,” Gotham noted.