WirtschaftsWoche, 20 May 2026. Reuters (rtr)
Following an investor report, Ottobock shares fell by more than 10 per cent. The prosthetics manufacturer now intends to take legal action.
The world’s largest prosthetics manufacturer, Ottobock, is threatening speculative investor Grizzly Research with a lawsuit and a complaint to the financial regulator BaFin over its allegations.
“The company considers the report defamatory and highly misleading, and is currently reviewing legal steps, including a report to the competent German supervisory authority on suspicion of market manipulation,” Ottobock announced on Wednesday in Duderstadt, Lower Saxony. It said it had “engaged external experts” for this purpose.
Grizzly’s report had sent Ottobock shares tumbling by more than ten per cent on Tuesday. By its own account, the investor is betting on a decline in the share price through short selling. On Wednesday, the stock recovered somewhat, rising by as much as two per cent to €54.70, even though the dividend markdown following the annual general meeting should have pushed it lower.
The report covers, among other things, the pledging of shares held by majority shareholder Hans Georg Näder, aggressive accounting practices, and the company’s business dealings in Russia.
Chief executive Oliver Jakobi had already rejected the allegations — insofar as they concern Ottobock itself — at the virtual shareholders’ meeting. On Wednesday, he followed up with a detailed statement. The claim that Ottobock generates more than a third of its net profit in Russia is false, he said: “It is based on incorrect metrics and therefore allows no conclusions about the actual earnings contribution.”
Grizzly Research had also alleged that wounded Russian soldiers receive Ottobock prostheses. In response, the company stated that in Russia it focuses “exclusively on the care of civilians.” There are no contracts with the military or military-affiliated institutions, it said.