MPF will investigate the possible crime of “insider trading” in the sale of Americanas stock

247 – The Federal Public Prosecutor’s Office of São Paulo has drawn up, on Friday the 13th, a preliminary procedure to investigate the possible practice of Insider trading in the sale of shares of Americana. That is, if the company commits a crime by using the privileged information to obtain profits or advantages in the stock market.

According to Valor, the company’s directors had sold more than R$210 million of the company’s shares in the second half of 2022. The move took place shortly after the announcement of the appointment of Sergio Real as the company’s new president from January 2023.

Real resigned from his post nine days after taking office. He pointed out that there are “accounting discrepancies” of about 20 billion riyals in the retail store. In addition to him, the company’s chief financial officer, Andre Kofer, resigned.

The MPF wants to know if the majority of Americanas shareholders had any knowledge of the company’s financial condition at the time of the stock sale.

Americanas filed for urgent precautionary action, after concluding that the $20 billion accounting breach could result in “early and immediate maturity of debt in the amount of approximately RO40 billion.”

The Fourth Business Court of Rio de Janeiro, by Judge Paulo Acid, granted guardianship on Friday. Thus, the possibilities of blocking, hijacking or seizure are suspended on the assets of the company. There is also a deferral of Americana’s obligation to pay its debts until a possible application for judicial recovery is presented to the court. The judge gave the company 30 days to assess whether it was a case for judicial recovery.

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