Casino’s Naouri Questioned in Share Price Manipulation Probe
Casino Guichard-Perrachon SA Chief Executive Officer Jean-Charles Naouri was questioned by French financial prosecutors in a probe into alleged share price manipulation.
Naouri, who has been CEO of the French retailer since 1997, was questioned on Tuesday in Paris, according to a statement from the Paris prosecutor’s office. The investigation is looking into the period between 2014 and 2016.
Background of the Investigation
The investigation is looking into whether Casino and its executives manipulated the company’s share price by making false or misleading statements about its financial situation.
The probe was opened in 2018 after Casino’s shares fell sharply in the wake of a series of profit warnings. The company’s shares have since recovered, and the company has returned to profitability.
The investigation is being conducted by the Paris prosecutor’s office, which is responsible for investigating financial crimes in France.
Naouri’s Role in the Investigation
Naouri is the most senior executive to be questioned in the investigation. He has been CEO of Casino since 1997 and is also the company’s largest shareholder, with a stake of more than 10%.
Naouri has denied any wrongdoing and has said that he is cooperating with the investigation.
Casino’s Response
Casino has said that it is cooperating with the investigation and that it is confident that it has acted in accordance with the law.
The company has also said that it is confident that the investigation will not have a negative impact on its business.
Shareholder Reaction
Shareholders have expressed concern about the investigation and its potential impact on the company’s stock price.
The company’s shares have fallen more than 10% since the investigation was announced in 2018.
Outlook
It is unclear how long the investigation will take, but it is likely to be a lengthy process.
The investigation could result in criminal charges against Naouri and other executives, as well as fines and other penalties for the company.
It is also possible that the investigation could lead to changes in the way the company is run, including changes to its corporate governance and financial reporting practices.
The outcome of the investigation could have a significant impact on the company’s future.