Spain's CNMV sanctions Grifols and short-seller Gotham City
Sept 25 (Reuters) -Spain's stock market regulator CNMV said on Wednesday it was sanctioning short-seller fund Gotham City Research for allegedly manipulating the market for Grifols GRLS.MC shares, and the pharma group for defective financial reporting.
Grifols has lost a third of its market value since January when Gotham started releasing several reports accusing it of overstating earnings and understating debt.
Grifols responded to the accusations with governance changes.
It revised its reported leverage upwards after CNMV required Grifols to change its calculations.
Gotham and GIP were not immediately available for comment.
Grifols shares fell 0.8% to close at 9.40 euros before CNMV's announcement.
In a filing to the regulator on Wednesday, Grifols said the proposed penalty for its alleged infractions amounted to no more than 1 million euros ($1.11 million) and would not affect its financial statements.
($1 = 0.8978 euros)
Reporting by Matteo Allievi, editing by David Latona and Richard Chang
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