The Brazil Securities Commission has accepted a settlement agreement (Termo de Compromisso) proposed by Pérsio Pimentel Pinto Ravena, in his capacity as investor relations director of Fertilizantes Heringer S.A., in Administrative Sanctioning Proceeding PAS 19957.020870/2024-18. Under the agreement, Ravena will pay BRL 330,000 to the CVM. The Specialized Federal Prosecutor’s Office attached to the CVM found no legal impediment to the settlement. Following negotiations with the CVM’s Settlement Committee (Comitê de Termo de Compromisso) and revisions to the initial proposal, the committee recommended acceptance, and the CVM Board concurred. The proceeding was opened by the Superintendence of Corporate Relations to examine alleged responsibility for failing, in theory, to disclose on 9 April 2024 a material fact relating to the filing of a request to initiate an arbitration procedure, which could constitute a breach of Article 157, paragraph 4 of Law 6,404 in conjunction with Article 3 of CVM Resolution 44.
Brazil Securities Commission (CVM) 2025-09-09
Brazil Securities Commission accepts BRL 330,000 settlement with Fertilizantes Heringer investor relations director over alleged material fact disclosure failure
The Brazil Securities Commission (CVM) accepted a settlement with Pérsio Pimentel Pinto Ravena, investor relations director of Fertilizantes Heringer S.A., involving a payment of BRL 330,000. This follows a proceeding examining Ravena's alleged failure to disclose a material fact, potentially breaching Article 157, paragraph 4 of Law 6,404 and Article 3 of CVM Resolution 44. The CVM's Settlement Committee recommended acceptance after negotiations and revisions, with no legal impediments identified by the Specialized Federal Prosecutor’s Office.