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Group Calls on NYSE, U.S. Government, and Investment Community to Oppose NYSE Listing of World’s Largest Meat Producer and Prevent Brazil’s Batista Brothers from Taking Further Advantage of American Capital Markets and Agriculture

NEW YORK, NY (November 15, 2023) – In response to plans by Brazil’s JBS S.A., the world’s largest meat producer, to list its shares through an initial public offering (IPO) on the New York Stock Exchange (NYSE), a new coalition called “Ban the Batistas” launched today to protect American farmers, ranchers, consumers, and investors from the risks and unchecked power grab by JBS’ majority shareholders, brothers Joesley and Wesley Batista. Ban the Batistas aims to unify and amplify the efforts of countless organizations around the world that have spoken out against the detrimental impacts of JBS.

The Batistas, who own 49% of JBS via their holding company J&F Investimentos S.A., are billionaire brothers known for criminal activity and massive international corruption scandals, as well as insider trading and violations of the U.S. Foreign Corrupt Practices Act (FCPA) for securing funding through criminal means. Under the proposal previously on record, the Batista family reportedly could gain up to 90.5% voting power – nearly doubling their control while rewarding and further enabling corrupt, dangerous, and criminal behavior at the expense of U.S. families, farmers, consumers, and investors.

With the JBS and Batista track record of anticompetitive behaviour and financial risk, the U.S. government, NYSE, and U.S. Securities and Exchange Commission (SEC) must stop JBS and the Batista brothers from listing stock on the NYSE and using American capital markets to fuel their market domination and reward their criminal activity.

 “The Batista Brothers’ future depends on a JBS U.S. IPO that, if allowed to proceed, would capture U.S. dollars, drive farmers and ranchers out of business, and enable JBS to dominate the American market,” said Kim Spell, Executive Director of Ban the Batistas. “It is clear they make their own rules, and that federal violations, criminal convictions, and legal fines haven’t stopped their global power grab. The message of Ban the Batistas is clear: ACT NOW to STOP a U.S. stock listing of JBS and end the Batistas’ reign of manipulating, exploiting, and profiting off American working-class families and consumers.”

Ban the Batistas joins a community of organizations exposing the risk of a JBS listing to the financial community, including a group who recently alerted institutional investors that JBS is on the hook for $1.7 billion for ongoing, unresolved legal and federal complaints.

Earlier this year, JBS was called out for allegedly misleading investors, with a complaint filed with the SEC highlighting concerns about JBS’ financial risk disclosures and greenwashing. They are also subjects of a years-long investigation by the U.S. Department of Justice. The Brazilian billionaires have relied on Bank of America, BlackRock, Citi, and Barclays so JBS can increase its financial flexibility, access capital from U.S. investors, and cement control via a dual listing in the United States and Brazil.

Consumer advocates and media reports have extensively documented JBS’ domineering, price-fixing, monopolistic practices that have and continue to harm every sector of American agriculture. In the last two years alone, JBS has paid nearly $100 million in settlements to U.S. pork consumers and commercial beef purchasers for price-fixing and limiting meat market supply. Meanwhile, it has benefitted more than any U.S. pork producer from $78 million in U.S. government contracts as part of the COVID-19 relief program intended for American farmers, and holds lucrative federal contracts with the U.S. Department of Agriculture to the tune of over $400 million.

“The Batistas depend on the U.S. market to fuel the growth of JBS, block competitors, and drain the accounts of American families, while reimbursing themselves for the millions spent on cleaning up behind them. Our goal is to bring together all the good work that organizations around the world have done to shine a spotlight on the brothers, whose track record should disqualify JBS from listing on public exchanges here in the United States,” continued Spell. “Despite postponing the proposed listing for further SEC review, the Batistas still intend to list their shares in the U.S., and we intend to educate regulators and investors that doing business with them is bad for American farmers, consumers, and our markets.”

For more information about the Ban the Batistas campaign or to join the coalition, please visit:

About Ban the Batistas

Ban the Batistas is an umbrella group of organizations fighting to protect American farmers, ranchers, consumers, and investors from the risks of a U.S. stock listing by JBS S.A. and the unchecked power grab by its majority shareholders, brothers Joesley and Wesley Batista.

Contact: [email protected]