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MPF will investigate whether directors of Americanas sold shares before the breach was announced

The Federal Public Prosecutor’s Office of São Paulo opened a procedure to investigate possible trading of Americanas shares by people with privileged information about the company’s situation.

The sale of shares would exceed R$ 200 million and would have happened before the discovery of the R$ 20 billion hole in the company’s balance sheet.

Since the discovery of the billionaire financial hole in the retailer’s balance sheet, information has started to circulate in the financial market that company executives would have sold up to R$ 210 million in company shares in the second half of 2022.

Before, therefore, the discovery of the financial problem. This type of financial operation is called “insider trading” and is a crime.

For this reason, the MPF of São Paulo decided to establish this Friday (13), a prior procedure – called “factual news” – for the collection of initial elements about the case.

With this information, a prosecutor will analyze the issue and define the next steps. From there, the MPF will be able to initiate an investigation, file the case or take other measures. There is no deadline for this initial review.

Source: CNN Brasil

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