According to "Football & Finance," the Rome Anti-Mafia Prosecutor's Office is investigating a suspected market manipulation case involving Lazio. Prosecutors believe that individuals may have influenced Lazio's stock price and pressured controlling shareholder Claudio Lotito to sell the club by spreading false information about an impending sale and Lotito's financial difficulties.

The case remains under investigation, and the related accusations have not yet been confirmed through judicial proceedings.

The Rome prosecutor's investigation led to searches by Carabinieri of Mauro Masi, chairman of Banca del Fucino; Francesco Maiolini, CEO; and Luigi Bisignani. The investigation focuses on suspected market manipulation involving actions that allegedly began in June 2024 and continued to the present.

Prosecutors believe the individuals involved may have coordinated with others, whose identities are still being established, to disseminate information investigators consider false through social media, online outlets, and Il Tempo, to which Bisignani contributed.

The messages allegedly included claims about Lotito's imminent sale of his controlling stake in Lazio, financial difficulties facing Lotito's companies, and speculation that Lotito might intentionally relegate Lazio to obtain a 35 million euro relegation compensation package.

Investigators believe this information may have had a "significant impact" on Lazio's stock price. The search warrant also suggests a possible "broader, coordinated plan": on one hand, spreading false information to depress Lazio's stock price, and on the other, attempting to "induce and pressure" Lotito into selling his controlling stake.

The investigation materials also reference strong protests by some Lazio fans against Lotito's management in recent years. Investigators have examined online content and suspect some may have been designed to incite fan protests against Lotito.

However, prosecutors explicitly distinguish between alleged illegal activity and legitimate fan protests, emphasizing that public opposition to Lotito's management is "clearly legitimate." Carabinieri records show that Bisignani, Maiolini, and Masi also participated in public fan protests.

According to investigators, following searches and data extraction from seized devices, the team believes some of the defamatory and information-spreading activities on social media may have been "wholly or partially financed by Maiolini." Prosecutors also noted that Il Tempo articles published days later followed "the same direction" as content previously released through smaller channels.

A key focus is an article published in Il Tempo on May 31, 2024, which mentioned that JPMorgan Chase might acquire Lazio for 450 million euros—information the Rome prosecutor considers false.

According to the search warrant, the same article suggested Lotito engage financial professionals to move the club into a new management phase, naming Masi and Maiolini of Banca del Fucino among potential candidates. Rumors of a possible Lazio sale have surfaced repeatedly in recent months, but Lotito has consistently stated he has no intention of selling control of the club.

Investigators are examining connections between the individuals and the timing surrounding article publications. According to a Carabinieri report from July 21, 2024, Maiolini and Bisignani had "occasional phone contact" over the past two years, and Masi also maintained contact with Bisignani.

Investigators found phone contact and multiple attempted calls between Bisignani and Maiolini around the time Bisignani prepared and published articles for Il Tempo, with communications documented on May 31, June 1, and June 11, 2024.

Prosecutors also linked an article published June 12 to "Lazio about to be sold" rumors that resurfaced online on June 9 and 10, suggesting these circumstances may reveal coordinated action.

Responding to the accusations, Masi, chairman of Banca del Fucino, denied them entirely. He told ANSA: "I am shocked by these accusations, which stem from a report by Lotito. They are completely false. My only 'fault' is being a Lazio fan, like many people in Rome and Italy."

Masi also stated he has "complete trust in the judiciary" and said he has instructed lawyers to file charges of false accusation.

Since Lazio is a publicly traded company, the core question for investigators is whether they can confirm unified coordination behind the allegedly false information, with the ultimate goal of manipulating Lazio's stock price and pressuring Lotito to sell the club.

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