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Greece’s securities regulator files lawsuit against Folli Follie’s management

The Greek securities regulator said on Tuesday it has filed a lawsuit against the board and financial managers of luxury goods maker Folli Follie, Greek and international media reported on Tuesday.

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

Folli was not immediately available to comment, notes reuters.

Folli’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 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 to have its 2017 consolidated financial statements scrutinised by an independent auditing firm. Folli hired Ernst & Young for the audit.

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

Folli had sales of 1.4 billion euros ($1.6 billion) last year, with Asian operations accounting for more than two thirds, reuters notes.

HCMC announcement is here in Greek

 

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