Flat Footed, which holds an aggregate 4.64% of the voting share capital of Grifols (GRFS), sent a letter to the company’s board which reads in part: “As has been reported in detail, Grifols has been plagued with corporate governance scandals that have shaken shareholder confidence, invited regulatory scrutiny, and caused the Company’s stock to trade materially below intrinsic value…This pattern of malfeasance, and the Board’s incurable conflicts, underscores the need for a prompt governance overhaul for Grifols. While Mr. Herendeen’s appointment is positive news, the presence of one truly independent director on the Company’s 13-member Board is far from sufficient. More must be done to protect non-insider shareholders and unlock Grifols’ value potential.”
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