(Bloomberg) -- Grifols SA shares fell after short-seller Gotham City Research released a new report accusing the healthcare company of transferring funds from its shareholders to a vehicle held by former executives.

The stock slid as much as 5.5%, the biggest drop in almost a month. Gotham City, which has been targeting Grifols since January, said its analysis and data showed faulty corporate governance. 

In the report, the short-seller accused Grifols of improperly moving money to Scranton Enterprises BV, an investment vehicle that’s the company’s second-largest shareholder and has links to Grifols’ founding family, by writing off some loan repayments. 

A spokesperson for Grifols declined to comment. The company has previously denied any wrongdoing and sued Gotham City in a New York court. Earlier in March, the board approved plans to expand its annual self-review, including several resolutions to strengthen the firm’s corporate governance. 

Grifols has been rocked this year by the short-seller attack, which accused the company of manipulating its debt and profit figures, fueling an almost 40% plunge in the shares. The October 2028 bonds fell 0.9 cent to 80.4 euro cents on Tuesday, according to data compiled by Bloomberg.

The company, led by new Chief Executive Officer Nacho Abia, is set to deliver quarterly earnings on Tuesday after market close.

--With assistance from Libby Cherry.

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