Brazil Securities Commission (CVM) published an update on its task force examining potential irregularities involving Americanas S.A. in judicial reorganisation, reporting the opening of two new administrative inquiries and the escalation of a completed investigation into a sanctioning proceeding with formal allegations linked to the accounting “inconsistencies” disclosed on 11 January 2023. The two new inquiries, both opened on 15 January 2026, will examine (i) the conduct of banks and their administrators with commercial relationships with Americanas and the former B2W and Lojas Americanas, as well as intermediaries involved in securities offerings conducted under CVM Instruction 476/2009, and (ii) compliance with fiduciary duties by members of the boards of directors and fiscal councils and their advisory committees. Separately, CVM concluded an earlier inquiry and advanced it into a sanctioning case, asserting that the “accounting inconsistencies” reflected a complex fraud designed to generate results disconnected from the company’s economic reality and to support false financial statements. The resulting allegations include failures by Americanas to provide true, consistent, correct and sufficient information to investors, and alleged price manipulation and breaches of duties of loyalty and diligence by multiple individuals. CVM also reported that, overall, the task force currently has three administrative inquiries, three sanctioning proceedings and one administrative process under way, including an insider trading inquiry nearing completion, two insider trading-related sanctioning proceedings and a disclosure-related sanctioning proceeding that have been allocated to a rapporteur for review of defences, and an ongoing review of PricewaterhouseCoopers’ audit of Americanas’ 2021 financial statements. Defences are expected in line with CVM Resolution 45/2021, while CVM noted ongoing cooperation with the Central Bank of Brazil, the Federal Public Prosecutor’s Office and the Federal Police, and referenced three supervisory administrative agreements previously entered into in connection with the case.
Brazil Securities Commission (CVM) 2026-01-30
Brazil Securities Commission opens new inquiries into banks and board duties and files sanctions case alleging fraud and price manipulation at Americanas
The Brazil Securities Commission (CVM) has opened two new inquiries and escalated a completed investigation into a sanctioning proceeding concerning Americanas S.A.'s accounting irregularities. The inquiries will assess banks, intermediaries, and board members' compliance with fiduciary duties. CVM's task force is handling multiple proceedings, including insider trading and disclosure-related cases, with ongoing cooperation from other authorities.