Juventus Football Club S.p.A.  is a top tier Italian professional football club based in Turin (Piedmont). Founded in 1897, Juventus has been listed on the Italian stock exchange (Borsa Italiana, Milan) since 2001 and has a market capitalization slightly below 1 billion EUR.

On July 12th, 2021 the Consob, the Italian Financial Authority, carried out an audit concerning some items recorded in the Annual Financial Report as of June 30th, 2020 and in the Half-Yearly Financial Report as of December 31st, 2020. The result of this on-site inspection led to, on October 19th, 2022, the publishing of the “Delibera” n. 22482, a formal resolution from the Consob that ascertained:

• the non-compliance of the 2020 financial statements (as of June 30th, 2020) with respect to international accounting standards (IAS) nn. 1, 10, 37, and 38;

• the non-compliance of the 2021 financial statements (as of June 30th, 2021) with respect to IAS nn. 1, 8, 37, and 38;

• the non-compliance of the half-year financials as of December 31st, 2021 with respect to IAS nn. 1 and 8 related to comparative results with respect to the previous financials.

Juventus has not appealed this resolution, which is therefore to be considered final.

Moreover, on November 26th, 2021 Juventus was notified of the existence of an investigation by the Public Prosecutors at the Court of Turin for alleged irregularities, with criminal relevance, in the financial statements (2018/19, 2019/20, 2020/21 and 2021/22). It has to be mentioned that following the Consob’s findings reported in the Delibera No. 22482, on October 22nd, 2022 even the auditing firm Deloitte&Touche, by revising the Company’s financial statements, made some remarks on the Juventus’ financial statements as of 30 June 2022.

On November 28th, 2022 all the members of the Juventus Board of Directors as well as the Chairman, in light of the ongoing investigations and the remarks made by Consob, resigned from their mandates.

On November 30th, 2022 Public Prosecutors formalized the request for indictment against Juventus’ former managers as well as against the company itself as civilly liable. After a ruling (06/09/2023) from the Italian Supreme Court (Corte di Cassazione) that moved the procedure before the Tribunal of Rome, on December 22nd, 2023 the Public Prosecutors notified Juventus of the conclusion of the new round of investigation with allegations related to – among other things – false corporate communications, market manipulation, fraudulent declaration by use of invoices, and obstruction of the exercise of the functions of public supervisory authorities. All the allegations can be traced back to three main counts:

• the “repurchase agreements” for financials 2017/18, 2018/19, and 2019/20;

• the “salary maneuvers” for financials 2019/20, 2020/21, and 2021/22;

• the “crossed transactions” for financials 2018/19, 2019/20, and 2020/21.

On October 25th, 2023 the Consob issued an additional Delibera (No. 22858, currently appealed by the Company) by which the Italian Financial Authority ascertained non-compliance to international accounting standards with respect to Juventus’ financial statements as of 30 June 2022 and 31 December 2022. Even in this case, irregularities regarded repurchase agreements, salary maneuvers and crossed transactions among football clubs.

Lastly, on June 17th, 2024 the Rome Public Prosecutor’s Office – consistently with the accusations formulated by the Turin Public Prosecutor's Office – formally requested the indictment of several Juventus’ former manager, including its former Chairmen, with criminal hypotheses of market manipulation, fraudulent declaration by use of invoices, and obstruction of the exercise of the functions of public supervisory authorities.

It is worth mentioning that during the years object of the allegations made by Consob and Public Prosecutors of Turin and Rome, Juventus successfully completed two distinct capital increases (December 2019 and December 2021), collecting almost 700 million EUR in fresh capital.

Our Proposal

Martingale Risk is offering support to recover losses to those who purchased Juventus Football Club S.p.A. equities. The initiative, that will be held in Italy, will envisage an extra-judicial negotiation with Juventus and/or the participation of the Clients as civil parties in the potential penal trial that will follow in light of the request for indictment that Public Prosecutors have made before the Court of Rome on June 17th, 2024.

We will be operating on a full contingent fee basis of the recovered amount, with no anticipated costs, fees or expenses for the clients.

Juventus FC Equity, 2017-2024. Since local maximum (Eur 10,75) as of April 15th, 2019 the stock drop reached almost 77%).

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