The conflict dividing Bioceres shareholders escalated after the last Bioceres S.A. assembly, where it was approved to initiate civil compensation claims against CEO Federico Trucco for the company's default, according to information released by the founders' group. According to that statement, the meeting had low attendance and was dominated by shareholders aligned with the new control, while the founders stated they did not endorse the decision nor were part of that block. The historical directors and founders spoke of a "new extortion attempt" and pointed out that the lawsuit against Trucco is being used as a pressure tool against those who led the company and, they claim, worked to prevent bankruptcy. In the same vein, they questioned that Sartori has chosen a confrontational strategy instead of advancing an orderly and responsible restructuring, and assured that they are promoting a serious and transparent process to preserve the company's continuity.
In recent hours, Moolec – the controlling shareholder of Bioceres S.A. – released a statement, as learned by the Argentine News Agency, defending the decision to request the company's own bankruptcy as "a reasonable and unavoidable measure in the face of the profound economic and financial deterioration evidenced in its financial statements as of June 30, 2025, under the management of its CEO, Mr. Federico Trucco." According to that text, Bioceres S.A. went from a loss of about 6,000 million pesos in the previous period to losses of around 157,000 million pesos at the close of the 2025 fiscal year, equivalent to about 170-180 million dollars at the closing exchange rate, which for the current management reflects "the numbers of Mr. Trucco's mismanagement." The statement adds that the external auditor of Bioceres S.A., Price Waterhouse Coopers, issued a report with a disclaimer of opinion and warned of a negative net equity close to 156,500 million pesos and "significant uncertainties" about the company's ability to continue as a going concern. Moolec emphasized that in the years prior, key financial decisions – such as the issuance of stock market promissory notes, very short-term debt, granting guarantees, purchase of BIOX shares, and negotiations with creditors – were "in fact centralized" under Trucco's executive orbit. The firm also noted that the simultaneity of Trucco's positions in Bioceres S.A. and Bioceres Crop Solutions amplified the impact of those decisions on equity, particularly in the context of the restructuring that resulted in the loss of control of Bioceres S.A. over the board of directors of Bioceres Crop Solutions, with an estimated loss of net assets of about 295 million dollars. For the current management, the magnitude of the equity deterioration and the inability to meet payable obligations with its own resources led to the bankruptcy request "not being a strategic option, but a necessary measure" to channel the situation within the legal framework.
Who is Juan Sartori and how did he come to Bioceres Sartori is the founder and executive chairman of Union Group, an investment holding with interests in agriculture, energy, and other sectors in Latin America, and became a significant shareholder of Bioceres in 2025 through vehicles linked to Moolec and Union Group. Born in Montevideo in 1981, he built his business career between Europe and Uruguay and later added a political profile as a presidential candidate for the National Party in 2019 and a senator between 2020 and 2025, in addition to participating in the ownership of football clubs in England and France. As noted in the founders' circle, the arrival of Sartori's group meant a change of control in Bioceres S.A. that led to new management and to the judicial strategy now questioned by the historical shareholders.
Family ties with Russia On a personal level, Sartori has been married since 2015 to Russian businesswoman Ekaterina Rybolovleva, daughter of billionaire Dmitry Rybolovlev, former owner of the fertilizer company Uralkali and president of AS Monaco football club. Rybolovlev has publicly stated that he does not finance the business or political activities of his son-in-law and that Sartori's decisions in these areas are based on his own criteria, as highlighted by sources close to the businessman.
What is Bioceres and how is it financed Bioceres S.A. is the local company founded in December 2001 by 23 livestock producers in the midst of the "corralito" crisis, with the idea of supporting biotechnology developments applied to agriculture and bringing private capital closer to Argentine scientific research. Over time, the group expanded and gave rise to Bioceres Crop Solutions, the unit that brings together the main operational assets, including the HB4 technology platform and businesses related to seeds, bio-inputs, and crop solutions. In 2019, the company debuted on Wall Street with a valuation close to 456 million dollars and later began trading on the Nasdaq under the ticker BIOX, positioning it as one of the emblematic stories of Argentine agricultural innovation.
Default, bankruptcy filing, and stock market crash Bioceres S.A. carries liabilities that exceed 30 million dollars, and in February, the management aligned with Sartori requested bankruptcy from the Justice, alleging a "profound economic and financial deterioration" of the company and the impossibility of meeting its obligations. In parallel, Bioceres Crop Solutions' stock plummeted to the 0.56 dollar zone, with a market capitalization around 35 million dollars, well below its debut values, while the company records significant accumulated losses as of June 30, 2025. The founders maintain that the 2025 corporate restructuring, which separated Bioceres S.A. – now under the Sartori group's control – from the listed unit, resulted in a scheme that concentrated the debt in the local company and worsened its situation, while the Moolec group replies that bankruptcy was the only viable path in the face of equity deterioration.
Moolec, Nasdaq, and the use of bankruptcy In this context, Moolec also faces its own challenges in the US market: The Nasdaq Stock Market Listing Qualifications Department notified that the company currently does not meet the minimum 2.5 million dollar capital requirement to remain listed. The company reported it expects to regain compliance with that requirement through the recognition of an estimated gain of about 105.8 million dollars linked to the write-down of accounts of certain subsidiaries after their bankruptcy process, among them Bioceres S.A. and Bioceres LLC. As explained by Moolec, the bankruptcy procedure initiated by Bioceres S.A. on December 26, 2025, resulted in the loss of control over that society and its subsidiary, generating an accounting gain from the write-off of those assets that will be key to improving the consolidated capital. The performance of the stock on the New York stock exchange could lead to authorities delisting it. In that framework, Nasdaq authorities granted Moolec an exception until June 29, 2026, to demonstrate it again meets the capital requirement, so the evolution of Bioceres S.A.'s bankruptcy process also impacts the future stock listing of Moolec itself. In parallel, the resignation from Moolec's board of Gloria Montarón Estrada, director of Bioceres Group Limited – the UK-registered company that controls Bioceres S.A. and promoter of the social liability action against Trucco – occurred, replaced by Daniel Core amidst the judicial dispute.
HB4 and tensions in Europe Amid the shareholder conflict, the company's flagship business also faces challenges: HB4 soy has not yet been approved in the European Union, which has raised alarms among Argentine exporters due to the risk of potential commercial rejections. Companies in the soy complex and sector chambers are demanding that controls be tightened and identity preservation schemes be reinforced to prevent grains with that technology from entering shipments bound for the European market. The debate over HB4 and its reception in Europe thus adds to the internal dispute and financial difficulties, adding an element of uncertainty about the future of the business model Bioceres sought to consolidate in recent years.
Open judicial dispute and uncertain scenario As of the end of February 2026, the judicial dispute remains open, with precautionary measures that temporarily block some decisions of the new board while the parties' presentations are processed. Both sides hold cross-accusations about the origin of the equity deterioration and responsibility for the default, in a climate of maximum tension that will now have to be analyzed by the commercial courts of Rosario.
Market analysts maintain a cautious stance, and in several cases, recommend a "neutral" position on Bioceres' stock, awaiting definitions both in local courts and before US regulatory authorities. The situation is evolving rapidly, and the judicial decisions to be made in the coming months could be decisive for the company's future corporate governance and for the continuity of its technological strategy.
