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Retailer Americanas Sinks 76% On CEO Exit & Accounting Inconsistencies

BRAZIL
  • Following up from the story overnight, Americanas SA, the Brazilian retailer that counts billionaire Jorge Paulo Lemann among its main backers sank 76% after its new chief executive officer departed after finding billions of dollars of accounting “inconsistencies.”
  • The filing, which estimated inconsistencies of 20 billion reais ($3.9 billion), shocked investors who had begun to snap up Americanas shares as a sign of faith in the ex-CEO Sergio Rial’s ability to turn the company around. (Bloomberg)
  • Despite major indices climbing on Thursday following the release of US CPI, Brazil's IBOVESPA index remains close to unchanged on the session.

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