BUSINESS

Market regulator sues Folli Follie management

TAGS: Business

The Greek securities regulator said on Tuesday it had filed a lawsuit against the management of luxury jewelry maker Folli Follie.

The Capital Market Commission said it had sued the board members and financial directors of the Folli Follie group and its Asian business, without giving details of the allegations.

Folli Follie’s shares suffered heavy losses on the Athens Stock Exchange in May after an equity fund report raised concerns over its finances and cast doubt over the number of points of sale the company says it operates.

Folli Follie said at the time that its share price plunge was due to the “coordinated dissemination of misleading information.”

The losses prompted the regulator to ask Folli Follie to have its 2017 consolidated financial statements scrutinized by an independent auditing firm.

Folli Follie hired Ernst & Young for the audit.

The shares were suspended on May 25, with the regulator saying it had asked the Athens Stock Exchange to halt trading in the stock at the company’s request, after it said it was unable to provide financial data.

[Reuters]

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