Investor group requests arbitration against Brazil's Americanas and 3G Capital

📆 1/20/2023 5:10 AM
📰 Reuters

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A group of investors requested a collective arbitration against troubled Brazilian retailer Americanas SA and 3G Capital at the Brazilian stock exchange on Thursday, according to a legal document seen by Reuters.

People walk in front of a Lojas Americanas store in Brasilia, Brazil January 12, 2023. REUTERS/Ueslei Marcelino

and 3G Capital at the Brazilian stock exchange on Thursday, according to a legal document seen by Reuters. According to the document filed on Thursday, the investor group claims the company's shares were priced based on their financial statements, inducing investors to error. "The acquisition of shares at a certain price, at any time in the past, was carried out with false and artificial overvaluation," they say.

Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers.

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