Regulator asks Folli Follie for independent audit

Greece’s securities regulator said on Monday it will ask luxury goods maker Folli Follie to have its 2017 consolidated accounts scrutinized by an independent auditing firm after an equity fund report sent its shares crashing last week.

Folli Follie stock fell 30 percent on the Athens stock exchange on Friday and again on Monday after long/short equity fund Quintessential Capital Management (QCM) issued a report saying the company had overstated the number of points of sales it operates worldwide.

“Quintessential Capital Management’s report is unfounded, false, defamatory and misleading which results in damaging the interests of the firm and its shareholders,” Folli Follie said in a stock exchange filing on Friday, adding that it has ordered its legal advisers to defend its legal right.

Source: ekathimerini.com