2023-09-11 19:28:05
The Autorité des marchés financiers (AMF) has imposed a fine of 25 million euros on Rallye, parent company of the distributor in difficulty 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 picture of its liquidity situation that was more favorable than it actually was, in particular by qualifying, without qualification, this situation as “solid” or “very solid””. The Autorité considers that Casino’s cash was more closely linked to the evolution of the distributor’s share price than its communication suggested. However, the share price “was highly 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, changed “on a higher level 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 « imputable » to Franck Hattab, the general manager and responsible for financial communication 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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