HOW MUCH DOES IT COST TO FRAUD THE MARKET? QUANTIFICATION OF THE DAMAGES RESULTING FROM THE COMPANY'S CIVIL LIABILITY IN THE CAPITAL MARKET

Abstract

The study aims to analyze the civil liability regime of companies for informational failures. It explores the controversy surrounding the existence of direct civil liability of companies for losses incurred by investors due to fluctuations in securities prices following the disclosure of fraud or other events that impact the share prices of a company's issuance. The main parameters considered by legal doctrine and recent cases related to fraud due to informational failures are discussed. Reflecting on recent instances of informational failure, particularly the Petrobras case and the recent "accounting fraud" by the retailer Americanas, the article examines the challenges faced by investors in these situations. Finally, it presents parameters for defining the liability regime and quantifying damages.