2023-09-11 17:28:05
The Financial Markets Authority (AMF) imposed a fine of 25 million euros on Rallye, parent company of the struggling distributor Casino, “for having broadcast [à onze reprises et dans quatorze supports de communication en 2018 et 2019] false or misleading information likely to set the price of the Rallye share at an abnormal or artificial level »communicated the Authority on Monday September 11.
Clearly, the sanctions committee considered that these “false or misleading information (…) gave investors a more favorable image of its liquidity situation than it actually was, in particular by qualifying, without qualification, this situation as “solid” or “very solid””. The Authority considers that Casino’s liquidity was more linked to the evolution of the distributor’s price than its communication suggested. However, the share price “was very volatile and under persistent downward pressure”she explained.
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This erroneous information was “likely to have an impact on the market’s perception of its financial situation”. And the stock market price of Casino has, according to the AMF, evolved “at a level higher than it would have been in the presence of accurate and non-misleading information”.
The AMF Sanctions Committee considered that “Rallye knew or should have known that this information was false or misleading” and that these actions were “attributable” to Franck Hattab, the general director and head of financial communications of Rallye at the material time, who was sentenced to a fine of one million euros, in this same case of market manipulation.
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