A group representing minority shareholders on Friday filed a complaint with Brazil's securities regulator against Americanas SA after the retailer uncovered 'accounting inconsistencies' totaling 20 billion reais ($3.89 billion).
"Calling it 'inconsistencies' is nothing more than an attempt to use a euphemism for a multi-billion fraud that not only destroyed the assets of shareholders but also undermined the credibility of Brazil's capital markets," Abradin said in a document seen by Reuters.Americanas did not immediately respond to requests for comment. PwC declined to comment.
On Aug. 19, Americanas announced Rial would replace former CEO Miguel Gutierrez after almost 30 years at Americanas in a securities filing. Three Brazilian billionaires who founded 3G Capital have long controlled Americanas. Its stores are ubiquitous at Brazilian shopping malls, and the company's e-commerce unit is one of the country's top online retailers."The market still does not fully comprehend what the full implications are for Americanas," analysts at JPMorgan said in a research note, citing a lack of consistent communication from the company.
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