The latest Greece-based listed multinational to come into the “sights” of asset management firm Quintessential Capital Management (QCM) is music live-stream provider Akazoo S.A., with the latter alleging overinflated numbers in all of the former’s results, from profits, to revenues, users and even now non-existent corporate offices.
The NYC-based fund came into prominence in Greece two years ago when its scathing report on previously high-flying accessory maker and retailer Folli Follie led to multiple fraud investigations, indictments and suspension of trading on the Athens Stock Exchange.
The report by QCM uses brazen language, such as Akazoo is destined for a “catastrophic collapse” and that its equity is “correspondingly worthless”.
The entire report is listed here:
https://www.qcmfunds.com/v6/target/
