QCM probes another listed company after Folli Follie

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.

In a report Kathimerini has seen that will be published on Wednesday, QCM alleges that Bio-On SpA, a bioplastics company listed on London's AIM submarket with a capitalization of 1.1 billion euros, sales of 50.7 million euros and operating profits of 42.3 million euros has "fabricated" its figures.

It goes on to predict that its stock price will soon crumble, leading to its delisting, and that there will soon be regulatory, civic and possible criminal procedures against what Grego names "the new Parmalat of Bologna"....