Folli Follie says audit will be completed in August

Luxury jewelry maker Folli Follie, whose finances are being investigated by Greek authorities while its shares have been suspended from trading, said late on Monday that a financial audit would be concluded in August.

Folli Follie, which has hired Ernst & Young to audit specific items of its 2017 financial statements, said that Alvarez & Marsal would also conduct a forensic evaluation of the most recent financial statements of its Asian subsidiaries.

Both firms are expected to complete their audits in August and Folli Follie will then mandate Ernst & Young to undertake a full review of its 2017 financial statements, it said.

Folli Follie’s shares plunged in May after equity fund Quintessential Capital Management issued a report saying the company had overstated the number of retail outlets it operates worldwide and raised concerns over its finances.

Folli Follie said the claims in the report were unfounded and misleading but Greece’s securities regulator suspended its shares from trading on May 25 after the firm failed to provide requested financial data.

[Reuters]