Some 14 months after Gabriel Grego and his fund, Quintessential Capital Management (QCM), exposed the goings-on at troubled Greek jewelry maker and retailer Folli Follie, leading to the suspension of trading in the latter's stock and hurting many investors and funds, the same fund is back in the spotlight, this time blowing the whistle on an Italian firm.
Greece's Folli Follie overstated its 2017 revenue by more than 1 billion euros, an audit by PwC showed on Tuesday, as the jeweller reported a rescue plan proposed by bondholders had collapsed.
Folli instead presented an alternative restructuring proposal for creditors and said it expected court ratification of it by June 2020.
Greek jewellery maker Folli Follie has appointed a new chief financial officer as the troubled company seeks to overhaul its business after an accounting misconduct scandal.
George Samios, who holds a degree in banking, finance and risk management assumed the CFO role on Jan. 9, Folli said in a bourse filing late on Wednesday.