The AMF has requested the suspension of ORPEA's financial instruments
Executive Summary
On October 24, 2022, France's Autorité des marchés financiers (AMF) suspended all financial instruments (shares, debt securities, and related instruments) issued by ORPEA S.A., a major European care homes operator, pending disclosure of material information under the European Market Abuse Regulation. This enforcement action reflects serious governance and disclosure failures at a publicly listed company facing allegations of operational malpractice and undisclosed financial difficulties.
What Changed
The AMF's suspension order represents a temporary halt to all trading in ORPEA's financial instruments across regulated markets. This is a precautionary measure under Market Abuse Regulation (MAR) protocols designed to protect market integrity when material non-public information exists. The suspension was lifted on October 26, 2022, upon market opening, following ORPEA's disclosure of an amicable conciliation procedure and anticipated asset impairments. The underlying trigger was ORPEA's failure to promptly disclose: - Financial covenant breaches: The company faced potential acceleration of €3.3 billion in financing lines due to anticipated breaches of "R1" and "R2" financial covenants. - Asset impairments: Anticipated write-downs at December 31, 2022, related to a stalled real estate di
What You Need To Do
- *For ORPEA (and comparable listed companies)
- *Immediate disclosure obligations
- *Ongoing periodic updates
- *Governance remediation
- *Creditor communication
- *Audit coordination
Key Dates
Compliance Impact
Urgency: CRITICAL
Who is Affected
Summary
Markets Periodic & ongoing disclosures The AMF has requested the suspension of ORPEA's financial instruments