In the last ten years MPS has committed a long series of serious violations related to the disclosure of false information to the market through financial statements and other official public documents. MPS has carried out numerous complex structured financial transactions aimed at altering its actual economic and financial situation to the detriment of investors.
Between 2013 and 2018, CONSOB, the supervisory authority for the Italian financial products and intermediaries, sanctioned MPS ten times for falsifying their 2008, 2009, 2010 and 2011 financial statements and for the non-compliance of their consolidated 2014 financial statement and the non-compliance of their June 2015 semi-annual financial report.
Despite four capital increases within a few years, MPS lost approximately 99.99% of its market value. Between 2016 and 2017, CONSOB suspended MPS shares from trading for almost a year. After being readmitted to trading, MPS lost more than 80% of its value in just over a year.
According to CONSOB’s General Director, Dr. Angelo Apponi, “The recent history of MPS represents a framework of fraudulent activities aimed at concealing the actual economic and financial situation of the issuer, as well as the negative outcomes of transactions carried out by the issuer”.
The lawsuit is directed at obtaining a repayment of the damages incurred from the investment losses between 2009 and 2018, given the false financial statements released by MPS and the many sanctions imposed by CONSOB.
In some cases, we work on a success fee basis, claiming our compensation as a percentage of the recovered amount, only once the clients will have received their repayment. The deadline to participate in the lawsuit is August 31st, 2020.