{"id":65250,"date":"2019-08-01T06:55:08","date_gmt":"2019-08-01T04:55:08","guid":{"rendered":"https:\/\/rss.nova-institut.net\/public.php?url=https%3A%2F%2Fwww.plasticsnews.com%2Fnews%2Fitalian-bioplastics-maker-denies-allegations-made-us-investment-firm"},"modified":"2019-07-28T13:18:08","modified_gmt":"2019-07-28T11:18:08","slug":"italys-bio-on-denies-u-s-funds-allegations-of-accounting-flaws","status":"publish","type":"post","link":"https:\/\/renewable-carbon.eu\/news\/italys-bio-on-denies-u-s-funds-allegations-of-accounting-flaws\/","title":{"rendered":"Italy’s Bio-on denies U.S. fund’s allegations of accounting flaws"},"content":{"rendered":"

Italian bio-plastics company Bio-on denied allegations of accounting irregularities by U.S. hedge fund Quintessential Capital Management, saying it was considering legal action against the fund.<\/strong><\/p>\n

Bio-on shares were suspended from trading for excessive volatility and were indicated down 10.3% after the allegations, included in a report dated July 19 and posted on Quintessential\u2019s website, were picked up by Italian media on Wednesday.<\/p>\n

Quintessential said in the report it had an economic interest in the price movement of Bio-on shares, which typically means it has a short position on the company\u2019s stock.<\/p>\n

In a statement, Bio-on said it \u201ccompletely denies allegations of wrongdoing by its management and that the company is providing false information to the market.\u201d<\/p>\n

In its report, Quintessential called Bio-on \u201ca massive bubble based on flawed technology and fictitious sales thanks to a network of empty shell companies.\u201d<\/p>\n

In a later statement, Bio-on said its plant near Bologna, which Quintessential said appeared to still be incomplete and not in operation, was running and in production. It added that E&Y had signed off on its 2018 accounts without reservations, adding it would publish an in-depth document later on Wednesday.<\/p>\n

Bio-on is listed on the AIM market, a segment of the Italian stock exchange dedicated to small and medium-sized companies. It produces what it says are environment-friendly plastics for the agri-food, design and cosmetics industries and has a market capitalization of just over 1 billion euros ($1.1 billion).<\/p>\n

Quintessential is a New York-based hedge fund which says it specializes in exposing corporate wrongdoing.<\/p>\n

Last year, a report by the fund into Greek jewelry maker Folli Follie led to an investigation from Greek authorities, the resignation of the company\u2019s founders and the firm seeking protection from creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Italian bio-plastics company Bio-on denied allegations of accounting irregularities by U.S. hedge fund Quintessential Capital Management, saying it was considering legal action against the fund. Bio-on shares were suspended from trading for excessive volatility and were indicated down 10.3% after the allegations, included in a report dated July 19 and posted on Quintessential\u2019s website, were […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[5935],"supplier":[2904,4182],"class_list":["post-65250","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-bioplastic","supplier-bio-on","supplier-reuters"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/65250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=65250"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/65250\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=65250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=65250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=65250"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=65250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}