The Athens Stock Exchange (ASE) on Friday announced a suspension of trading of Folli Follie shares, following a relevant request by the Capital Markets Commission, and earlier, by the jewelry and accessory manufacturer and retailer itself.
Folli Follie’s shares have collapsed over the recent period at the ASE, following a particularly negative report by a NYC-based hedge fund claiming major discrepancies in results reported by the Folli Follie Group (FFG).
A company announcement said the suspension in trading comes ahead of a comprehensive audit of the company’s results by EY. At the same time, Folli Follie referred to a “coordinated dissemination of misleading news” regarding the company, with very negative impressions created for the company as a result.
FFG’s share closed at 4.8 euros on Thursday at the ASE, with losses over the last seven sessions nearing 30 percent. Over the last month, FFG’s capitalization has shrunk by 70 percent, dropping to 321.35 billion euros, down from 1.027 billion euros on May 3, 2018.
