Soma (SOMA3): CVM briefs Cia Hering subsidiary Cia Hering using unique information; stock closing

Soma Group (Total 3) announced this Wednesday (19) that its indirect subsidiary, Cia. Hering has been summoned by the Securities and Exchange Commission (CVM) in a process to investigate the use of tokenized information while negotiating a business merger between fashion retailers.

The statement was released near the market opening. The assets of SOMA3 closed down by 2.23%, at 13.15 Brazilian reais, after reaching the lowest level at 12.80 Brazilian reais on the day, down 4.83%. It should be noted that the session was also negative for the assets of other retailers.

Grupo Soma has informed that the lawsuit against Cia Hering and Fabio Hering, currently Soma’s Vice Chairman, refers to the alleged use of undisclosed material information to the market, on the occasion of the share buyback that Cia Hering executed in April 2021.

Grupo Soma announced the agreement on Business merger with Cia Hering in April 2021, But the operation was completed only in September of the same year. Fabio Hering was CEO of Cia Hering at the time.

In August 2021, Cia Hering announced that it had ended its share buyback program with the purchase of just over 4.35 million shares, which the company approved in August 2020 and provided for the acquisition of up to 5 million shares.

“Cia Hering will take appropriate measures to defend its interests,” the company said in the statement sent to the market on Wednesday, adding that it would keep shareholders and the market informed of the matter.

Grupo Soma’s statement came after O Globo newspaper reported on the investigation earlier Wednesday.

(with Reuters)

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