By Brazil Stock Guide – Marisa Lojas S.A. (B3: AMAR3) has been ordered by Brazil’s SEC (CVM) to restate its annual financial statements for 2022, 2023 and 2024, as well as quarterly filings from 2023 through 2025. The ruling stems from the regulator’s demand that the company book provisions for tax proceedings involving M Serviços Ltda., an indirect subsidiary.
The decision could materially alter the retailer’s reported results. Marisa had previously disclosed the cases as “possible” losses, based on external legal opinions, and therefore made no provisions. The company also noted it had recently secured a favorable administrative ruling.
“The CVM’s technical department has reached a different conclusion than our legal advisors, but we are analyzing the decision and may file an appeal with suspensive effect,” said Chief Executive Officer and Investor Relations Officer Edson Salles Abuchaim Garcia in a filing.
The ruling highlights regulatory and governance risks for Marisa, which is already struggling with liquidity pressures, debt renegotiations and capital needs. Restatements across three years may further test investor confidence at a time when transparency is crucial for the fashion retailer.
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