Shares of Ottobock, a German prosthetics manufacturer, fell by more than 10% after Grizzly Research accused Hans Georg Näder, the company's majority shareholder, of extracting excessive funds for personal use and facilitating Russian military propaganda.
Grizzly's report claims that Näder has withdrawn more money from the company than it has earned over the past 15 years, citing a total of €600 million in payments to him against Ottobock's earnings of €340 million from 2010 to 2022.
The report also highlights a €1.1 billion payment-in-kind loan taken by Näder, which Grizzly argues poses significant risks to minority shareholders due to its aggressive nature and potential for compounding interest. Additionally, Grizzly estimates that over 30% of Ottobock's net income is derived from Russian business, a figure much higher than previously reported.
The company, which went public in October 2025 with a valuation of €3.8 billion, has seen its stock decline over 20% since the IPO. Ottobock has denied the allegations, stating it will provide a more detailed response after its annual general meeting. The unfolding situation could impact investor confidence and raise scrutiny over Ottobock's financial management and its operations in Russia