(Reuters) — Spanish pharmaceuticals group Grifols said on Friday that a U.S. lawsuit by blood donors who claim the company violated their privacy would have no material impact, after a report in El Economista newspaper sent shares sharply lower.
The company said about 54,000 donors in Illinois had filed a lawsuit alleging Grifols violated data protection regulations, confirming the newspaper report.
Grifols shares fell 5.3% on Friday morning, briefly underperforming the blue-chip Ibex-35 index, which was down 2.1%.
The company said its legal team recommended not making a provision for the outcome of the lawsuit because potential liabilities related to the case were insured, and it said it believed it had arguments to support its position.
“It should be noted that the court̵7;s latest decision does nothing but allow the plaintiffs’ case to proceed,” it said.
Grifols, which relies on human plasma to make its anti-clotting drugs, is struggling to recover from the pandemic, when blood collection centers were closed for months.
The company, which appointed a new executive chairman earlier this month, has lost more than half of its market value so far this year.