Folli says needs time to finish audit, will fix 'operational failures'

Luxury jewellery maker Folli Follie, whose finances are being probed by the Greek authorities, said it needed time to conclude an audit and would fix any "operational failures".

The Greek firm's shares plunged on the Athens stock exchange in May after a long-short equity fund Quintessential Capital Management (QCM) issued a report in May saying the company had overstated the number of retail outlets it operated worldwide.

Folli denied the report, saying it was unfounded and misleading.

Greece's securities regulator suspended the shares from trading on May 25 after Folli failed to provide requested financial data.

Last week a prosecutor ordered a preliminary investigation into the company after the securities regulator filed a lawsuit against Folli's management.

Local media reported last week that Folli was dragging its feet on signing a...