Americanas (AMER3): CVM has filed two lawsuits against the company following an accounting scandal; I understand that the Securities and Exchange Commission (CVM) has opened two administrative procedures to analyze cases related to the Americanas (AMER3) case, which had a R$20 billion deficit on its balance sheets that the board disclosed the day before – which in turn resigned […]
The Securities and Exchange Commission (CVM) opened two administrative procedures to analyze issues related to the case The Americans (AMER3), which ran a deficit of R$20 billion on its balance sheets, disclosed the day before by the board – which in turn resigned less than 10 days after being sworn in.
According to current regulations, they are analysis processes. This is it CVM does not accuse Americana concretely.
If it was understood that there were frauds and other practices that were excluded from the current legislation, administrative procedures would then be opened for sanctions – which would then have the possibility of sanctioning Americana.
The first process of CVM It deals specifically with the company’s accounting information, while the second suit deals with Americana advertising and material facts.
CVM, when calling Sono Newsshows that the evaluation was made after the supervision work by the technical field, and that new operations throughout the day may enter into the system of autonomy.
Additionally, if it becomes a sanctions operation and has an outcome unfavorable to Americana, the company may face penalties listed in Section 11 of Law No. 6,385, which include:
- Suspension of permission or registration to engage in activities
- Temporary disqualification, up to a maximum of twenty years, for holding an administrative or financial position in a public company
- Temporary ban, up to a maximum of twenty years, from carrying out certain activities or operations for members of the distribution system
- Temporary ban, for a maximum period of ten years, from acting directly or indirectly in one or more types of operations in the stock market
Business Insider Lawsuit in Americana
The day before, even before the information was posted on American Accounting DiscrepanciesInvestors highlighted the atypical movement of securities Amer 3including options.
CVM indicates that operations related to privileged information, insider trading and derivatives are out of the reach of the public, under the responsibility of the Market Relations Supervisory Authority (SMI).
If a lawsuit has been filed regarding this movement, CVM has not yet published relevant information.
I understand the R$20 billion shortfall
On Wednesday (11), the retailer disclosed, in a statement sent to CVM, that it had discovered discrepancies estimated to total R$20 billion in accounting entries.
After discovering the hole in the balance sheet, Chief Executive Officer Sergio Real and Investor Relations Andre Coffer, who took office on January 2, decided to leave the company.
In the document, file Americana Balance Sheet He indicated a discrepancy in purchase financing operations with amounts from the same order including 2022. However, the transactions are not reflected in the supplier’s account, according to the financial statements.
the 20 billion reais conflict From the base date 9/30/2022. The indicated amount is greater than the market capitalization of Americanas itself on the stock exchange (10 billion Brazilian reais).
“The estimates are subject to confirmations and adjustments arising from the completion of the verification work and the work to be done by the independent auditors, after which it will be possible to determine all the effects that such discrepancies will have on the financial statements of the company,” says the relevant fact from Americanas.
“At this time, it is not possible to quantify all of the effects of such discrepancies on a company’s income statement and balance sheet,” says the material fact disclosed.
In view of this, the CEO, Sergio Real Investor Relations Director Andre Kofer announced their departure. On an interim basis, Americana’s board of directors announced Joao Guerrawho served as Director of Human Resources, to take over both positions.
Asked by Suno Notícias, Americana stated that it “will not add information to the market beyond what has already been said in the notice”.
shares The Americans It’s down 90% in this Thursday’s (12) trading session, after staying in the auction for hours due to high volatility. As a result, the company’s market capitalization has been reduced from more than R$10 billion to R$2.44 billion currently.