Spain’s CNMV fines Gerard after using inside information

Former Spain defender Gerard Pique has been fined by Spain’s stock market regulator CNMV for up to 200,000 euros for using inside information linked to Atrys Health’s planned acquisition of Aspy Global Services in 2021.

The CNMV also imposed a 100,000-euro fine on Francisco Jose Elias for unlawfully sharing confidential information related to the deal. According to the CNMV, Piqué used the non-public information to purchase 104,166 Aspy shares on January 20, 2021, two days before details of the acquisition talks became public.

The stock market regulator said Pique later sold the shares on January 27, 2021, generating an economic gain from the transaction.

Based on historical LSEG data, Aspy shares rose from 2.36 euros per share on January 20 to 2.80 euros on January 27, implying an estimated profit of around 45,800 euros from the trade.

The sanctions, dated April 22, are final in the administrative process, although both parties still have the option to challenge the ruling before Spain’s National Court.