June 5, 2018 / 12:56 PM / in 5 months

UPDATE 1-Greek securities regulator sues Folli's management

(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.

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.

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.

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

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