Greek securities regulator sues Folli's management (updated)

Folli Follie SA

05/06/2018 13:55

(Adds detail, background)
    ATHENS, June 5 (Reuters) - The Greek securities regulator
said on Tuesday it had filed a lawsuit against the management of
luxury jewellery maker Folli Follie  HDFr.AT .
    The 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. 
    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.  urn:newsml:reuters.com:*:nL5N1SW1JQ
    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.  urn:newsml:reuters.com:*:nL8N1SE1AU  urn:newsml:reuters.com:*:nFWN1SL0A0
    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.
    ($1 = 0.8567 euros)

 (Reporting by Angeliki Koutantou; Editing by Louise Heavens and
Mark Potter)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))