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ATUS.US
id: 1030
Altice USA (ATUS) Criminal Investigation Case
- On July 13-17, 2023, Altice USA (ATUS) co-founder was detained in criminal investigation, BoD chairman resigned, and about ten top employees were put on leave.
- On it, $ATUS fell 5%, losing $43M+ of shareholder value on July 14, and $ATUS fell 3.6%, losing $29M+ of shareholder value on July 17.
- Investors may have grounds to suspect Altice of unlawful activities, which led to their losses.
On July 13, 2023, Altice USA co-founder Armando Pereira was detained in Portugal as part of a criminal investigation into
- alleged corruption,
- tax fraud, and
- money laundering.
On July 15, 2023, Alexandre Fonseca, chairman of Altice USA, resigned from the BoD of Altice USA. On July 17, 2023, Fonseca suspended himself from all responsibilities at Altice USA. In addition, Altice USA’s U.S. head of procurement, Pereira’s son-in-law Yossi Benchetrit, was put on leave, along with about ten other employees.
On this news, on July 14, 2023, $ATUS fell 5% and lost over $43 million of its market capitalization, seriously damaging shareholders, and on July 17, 2023, $ATUS fell 3.6% and lost over $29 million of its market capitalization, further damaging shareholders.
Considering all the information, investors might have grounds to suspect that Altice failed to timely disclose its unlawful actions, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07/17/2023