Banca Carige S.p.A. (Cassa di Risparmio di Genova e Imperia) is an Italian bank extended across more than 500 branches and more than a million clients. Carige was acquired by BPER Banca on June 3rd, 2022.

Since 2012, the bank has experienced a deteriorated economic and financial situatoin stemming from its management which demonstrated throughout the years to be neither prudent nor transparent.. In order to overcome these difficulties, the bank has attempted three capital increases, which has instead resulted in Carige’s shareholders having lost more than 98% in three years. On January 2nd 2019, Borsa Italiana suspended the bank from trading, only to re-admit it again on July 27th, 2021. After the suspension the bank lost an additional 58%.

On October 10th 2022, the Milan Public Prosecutor’s Office has requested a penal trial against the former CEO Mr. Paolo Fiorentino, head of accountancy Mr. Mauro Mangani and the bank itself, for violation of the law 231 of administrative liabilities. The indictment was filed by the prosecutor Mr. Paolo Filippini, responsible for the coordination of the investigation, with the deputy prosecutor Mr. Maurizio Romanelli. The alleged charges are for false corporate communication and market manipulation concerning their 2018 half-year-report. More specifically, the charges involve the failure to report a significant quantity of adjustments on non-performing loans. It has been reported that only an amount of EUR 39.7 million were indicated, in place of requests executed by the ECB inspectors for an amount of EUR 254.7 million, which were omitted and to be provided in explanatory notes. In addition, from August 3rd-13th, 2018, false information was allegedly communicated that was "likely to cause a significant alteration in the price of the ordinary share' of the Genoese bank".
The offended parties involved are Malacalza Investimenti (the bank’s largest shareholder), and CONSOB (Italian financial markets authority).

Our proposal

The proceedings will entail the registration of a client as a civilly damaged claimant within the penal lawsuit that will follow after the acceptance of the indictment request put forth by the public prosecutor at the Court of Milan.

It is the right time to take action for institutional and retail investors who incurred investment losses due to the purchase of Banca Carige equities during the relevant period. Upon the requested documentation, Martingale Risk will proceed with the technical financial and legal analysis necessary to evaluate the merits of the client’s claim and register the client’s position within the proceedings. Our firm will operate on a full success fee basis.

Open Case:

Collective Lawsuit Against Carige