May 4, 2018 / 10:35 AM / 24 days ago

Folli says QCM report 'defamatory' after stock tumbles

ATHENS (Reuters) - Greek luxury goods maker Folli Follie (HDFr.AT) said a report issued by Quintessential Capital Management (QCM) on the company was “defamatory” and damaging its interests.

The stock fell 30 percent on the Athens bourse .ATG in midsession trading on Friday after QCM issued a report which said that the company has overstated the number of points of sales it operated worldwide.

QCM, which has a short position on Folli’s stocks, said in the report that Folli had 289 points of sale instead of 630 declared in its 2016 annual report.

QCM, which has its headquarters in New York according to its website, also said it was concerned over Folli’s finances.

    “Quintessential Capital Management’s report is unfounded, false, defamatory and misleading which results in damaging the interests of the firm and its shareholders,” Folli said in a stock exchange filing.

    Folli said it has ordered its legal advisers to defend its legal rights, without specifying what that entailed.

    Folli has activities in Greece, China and other countries around the world. It has a market value of about 1 billion euros (882 million pounds).

    Reporting by Angeliki Koutantou; Editing by Keith Weir

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