IRB Brasil Resseguros SA on Monday said it is considering a new capital increase to reinforce its financial structure, after market participants raised
IRB Brasil Resseguros SA
on Monday said it is considering a new capital
increase to reinforce its financial structure, after market
participants raised multiple alerts on the Brazilian... | August 15, 2022
(Updates with closing prices)
SAO PAULO, Jan 28 (Reuters) - Brazilian reinsurer IRB Brasil Resseguros rose 18% on Thursday, closing at 7.67 reais, as some Brazilian retail investors mimicked their U.S. counterparts in trying to squeeze short sellers.
Rio de Janeiro-based Squadra Investimentos last year uncovered accounting irregularities at IRB, forcing a management overhaul, one of the rare cases in Latin America’s largest market of a short seller targeting a particular company. The reinsurer is suing former management.
In a Facebook group called IRBR3 Forum Investing, with 8,300 members, investors have been discussing their moves and show the brokers that are buying the stock, with an open invitation to others to join WhatsApp and Telegram groups to further discuss strategy.