Americanas: the 2023 accounting hole, judicial recovery, police operation and CVM cases
Americanas: the 2023 accounting hole, judicial recovery, police operation and CVM cases: a public-record watch file compiled by Falling Shares Intelligence from filings and exchange disclosures, as of 2026-11-09. In January 2023 Americanas disclosed about R$20bn in accounting inconsistencies and filed for judicial recovery with R$42.5bn of declared debt.
From a disclosure of about R$20bn in accounting inconsistencies in January 2023 to a second police phase in June 2026: what the record shows and what the company and the people named say.
Falling Shares Intelligence, Edited by Wung Thomas, Editor-in-Chief. As of .
Summary
- In January 2023 Americanas disclosed about R$20bn in accounting inconsistencies and filed for judicial recovery with R$42.5bn of declared debt.
- In June 2023 the company said its financial statements had been falsified by the previous board of officers; the figure later grew to about R$25.3bn.
- Federal Police launched Operation Disclosure in June 2024 and a second phase in June 2026; the CVM has brought separate cases.
- In March 2026 the company asked the court to close the judicial recovery; a formal decision was still pending in the sources reviewed.
Key figures
| Initial inconsistencies | About R$20bn (Jan 2023; later put by the company at R$25.3bn) |
|---|---|
| Declared debt in recovery | R$42.5bn (More than 16,000 creditors) |
| Figure cited in police inquiry | Up to R$54bn (Company says it does not know how it was calculated) |
| Shareholder capital increase | R$24bn (Under the recovery plan) |
The disclosure and the recovery
Inconsistencies of about R$20bn disclosed
Americanas disclosed accounting inconsistencies of about R$20bn in January 2023. The Rio Times reports shares fell 77% and the gap was later estimated by the company at R$25.3bn, linked to supplier contracts and advertising allowances. (Jan 2023)
Largest judicial recovery in Brazil
Americanas filed for judicial recovery days after the disclosure, with declared debts of R$42.5bn across more than 16,000 creditors, reported as the largest recovery in Brazilian history. (Jan 2023)
Company says the accounts were falsified by former officers
In a material fact notice the company said a preliminary report by its legal advisers indicated the financial statements had been falsified by the previous board of officers. It cited advertising-allowance contracts without real supplier agreements (R$21.7bn at 30 September 2022) and supplier-financing operations (R$18.4bn), and named seven former executives. (13 Jun 2023)
Police and regulator action
Federal Police launch Operation Disclosure
Federal Police and federal prosecutors executed two preventive arrest warrants and 15 search warrants, with the CVM providing technical support. Reports say police alleged market manipulation, insider trading, criminal association and money laundering, and that assets above R$500m were ordered seized. The former chief executive was arrested in Madrid the next day, according to Agência Brasil as syndicated. (27 Jun 2024)
CVM accuses eight former directors of insider trading
Brazilian press reported that the CVM concluded an inquiry and accused eight former directors of insider trading under CVM Resolution 44. Reports also say the CVM's accusation attributes the fraud to the former chief executive and that the company itself was included, on the argument that letting it off would allow companies to shift blame to non-statutory directors. (Oct 2024)
Second phase of the police operation
Federal Police launched a second phase, again with two preventive arrest warrants and 15 search warrants, and the court ordered asset freezes of up to R$54bn in total, with some individual freezes up to R$500m. Police allege the former executives manipulated results and hid debt, including through advertising-allowance entries. The company said it is cooperating fully. Capital Aberto reports an institute for governance argues the controlling shareholders should also be held to account. (25 Jun 2026)
Outcomes and the company's position
CVM acquits the then chief executive in its first case
In the CVM's first sanctioning case on the crisis, about irregular disclosure on an investor teleconference, the board acquitted the former chief executive (a tie on one charge resolved in his favour, unanimous on the other). The former investor relations director was fined R$340,000 per infraction. (3 Dec 2024)
Company says it is not investigated and asks to exit recovery
In March 2026 Americanas asked the court to close the judicial recovery, saying it had met its obligations; controlling shareholders injected R$24bn. On 30 June 2026 it told the CVM it is not investigated in the police inquiry, has no access to the sealed file and does not know how the R$54bn was calculated. (Mar to Jun 2026)
Standard
This file compiles regulator and court documents, exchange filings, company statements and published reporting about Americanas S.A.. Allegations are attributed to those who made them. An investigation is not a charge, a charge is not a finding, and nothing here is a finding of wrongdoing unless a competent authority has made one. Americanas itself says its earlier management falsified the accounts and that the company is not a target of the police inquiry; the former officers named in proceedings have the right to contest the allegations. Individuals are not named unless an official document names them and they are central; otherwise roles are used. This is news coverage for information only, not investment advice.
Right of reply
Americanas S.A., and anyone named in a record cited here, can send corrections or comments to info@fallingshares.com (or directly to the Editor-in-Chief, Wung Thomas, at wungthomas@fallingshares.com). Material responses will be published alongside the relevant entry.