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MADRID/BARCELONA (Reuters) -Shares in Grifols fell by more than 40% on Tuesday, wiping $3.83 billion off its market value, after hedge fund Gotham City Research questioned its accounting, prompting the Spanish drugmaker to "categorically" deny any wrongdoing. Gotham questioned Grifols reported debt and earnings before interest, taxes, depreciation and amortisation (EBITDA) which reduces its leverage ratio. It said the leverage ratio is close to 10 to 13 times EBITDA, rather than the six times reported by Grifols, which makes drugs with human plasma.

Gotham City Research released a short report on Grifols SA (NASDAQ: GRFS), a Spanish pharmaceutical company, alleging that Grifols manipulated its accounts to lower its leverage artificially. According to Gotham, this manipulation makes the company's shares not advisable for investment. The accusation targets Grifols for allegedly manipulating debt and EBITDA figures, claiming the actual leverage could be significantly higher, possibly ranging between 10x-13x, in contrast to the reported 6x. Got

Lender is within spitting distance of category III designation, which would attract stricter capital and liquidity requirements

It's easy to make passive income with these funds, but there are a couple of caveats to keep in mind.

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