Spain's stock market regulator opens disciplinary proceedings against Grifols and Gotham

Spain's stock market regulator (CNMV) on Thursday opened disciplinary proceedings against Catalan drugmaker Grifols and hedge fund Gotham City Research.

The regulator made the decision on Wednesday, following an investigation launched earlier this year after Gotham published a report accusing Grifols of irregular accounting practices.

The CNMV accuses Grifols of a "potential very serious and persistent violation" for providing the regulator with "inaccurate or misleading" financial information or omitting important details in its annual reports in recent years.

Gotham is accused of a "serious violation" for engaging in potential market manipulation and "using fictitious mechanisms or other means of deception or trickery" to influence Grifols' stock after the January 9 report. 

The CNMV has sent the Spanish public prosecutor's office all information on "possible manipulative conduct" by Gotham and its subsidiary, in case it needs to take legal action.

Minutes after the publication of the CNMV's proceedings, Grifols issued a statement confirming them and stating that, if fined, the fine would not exceed €1 million.

"Grifols wishes to inform that it considers this fine to be immaterial and will not have an impact on its financial situation," the company said.