(AOF) – The AMF announces that in its decision of September 7, 2023, its Sanctions Commission imposed a financial penalty of 25 million euros against the company Rallye, parent company of Casino, and against Franck Hattab, general manager and head of financial communications of Rallye at the material time, a financial penalty of 1 million euros “for having disseminated false or misleading information likely to fix the price of the Rallye share at an abnormal or artificial level. »
The AMF College accused Rallye and Franck Hattab of having disseminated false or misleading information on the financial situation of the company on 11 occasions between March 8, 2018 and May 15, 2019 in 14 communication media presenting in particular ” Rallye’s 2017 annual results, its 2018 half-year results and its 2018 annual results”.
The Sanctions Commission “has retained all of the complaints notified”. It thus considered that Rallye had disseminated false or misleading information which gave investors “a more favorable image of its liquidity situation than it really was”, in particular by qualifying, “without nuance”, this situation of “solid” or “very solid”. Indeed, due to certain clauses and guarantees appearing in the financing contracts, its liquidity situation “depended to a greater extent than what Rallye’s financial communication suggested, on the evolution of the price of the Casino share, which was very volatile and was under persistent downward pressure.
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