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Ottobock Shares Tumble After Hedge Fund Raises Governance Questions

Shares in German prosthetics manufacturer Ottobock fell more than 10% Tuesday following allegations by U.S.-based hedge fund Grizzly Research. The allegations targeted the company's majority shareholder and board chair Hans Georg Näder. Grizzly Research disclosed a short position in the firm and accused Näder of misappropriating company funds for personal use and of lax oversight regarding military-grade product sales. The company categorically rejected the claims in a statement, citing its annual general meeting Tuesday as reason for withholding detailed responses. Ottobock went public on the Frankfurt Stock Exchange in October 2025. Grizzly's report carried disclaimers that its conclusions were based on publicly available information and field research rather than verified facts.