Italian biotechnology company Bio-On Co. has file a lawsuit is seeking legal remedy for the injury to its reputation brought about by the \u201cfalse and misleading\u201d news spread by U.S. asset management firm Quintessential Capital Management (QCM) \u00a0about the Bologna-based company.<\/p>\n
The move comes following a damning report by the New York-based firm July 19, stating that Bio-On was \u201ca house of cards, a scheme conceived by management to enrich themselves on at the expense of shareholders\u201d.<\/p>\n
In an\u00a0Aug. 5 statement, Bio-On said it had filed a complaint with the Public Prosecutor of Bologna in relation to the claims made by QCM.<\/p>\n
The company also notified\u00a0The Italian Companies and Exchange Commission (CONSOB), the Italian authority for regulating securities, stating that QCM\u2019s conduct constituted \u201ca clear case of market abuse,” involving \u201cmarket manipulation\u201d and \u201ccriminal insider trading.\u201d
\nQCM noted in its report that it “has an economic interest in the price movement of the securities mentioned in this report,” which typically means the firm has a short position in the stock.<\/p>\n
\u201cQCM has in fact spread false and misleading news, solely aimed at causing the value of Bio-On stock to collapse, having already assumed \u2014\u00a0as QCM has explicitly stated \u2014\u00a0an investment position linked to this downturn,\u201d said the Bio-On statement.
\nThe company stated that the \u2018clearly false and denigratory\u2019 QCM report contained:<\/p>\n
(i) \u00a0information that could objectively be established as being false;<\/p>\n
(ii) information based on incorrect assumptions or, in any case, communicated to the market in a misleading manner;<\/p>\n
(iii) true information, easily obtainable from Bio-on corporate documentation, presented as the results of an alleged inquiry carried out by QCM.<\/p>\n
Bio-On is commercializing polyhydroxyalkanoate (PHA) resins, a biodegradable polyester made by bacterial fermentation of sugar.<\/p>\n
The company has confirmed that its Bologna-area plant “is fully operative and active in PHA production,” in contrast to the QCM report, which questioned the status of the plant.
\nIn the light of the above, Bio-On is confident that the Italian authorities will seek feedback on the information provided by QCM \u201cwith all due haste\u201d and help “restore”\u00a0the reputation of \u201cthis severely maligned company.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Italian biotechnology company Bio-On Co. has file a lawsuit is seeking legal remedy for the injury to its reputation brought about by the \u201cfalse and misleading\u201d news spread by U.S. asset management firm Quintessential Capital Management (QCM) \u00a0about the Bologna-based company. The move comes following a damning report by the New York-based firm July 19, […]<\/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":[5829],"supplier":[2904],"class_list":["post-65679","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-economy","supplier-bio-on"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/65679","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=65679"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/65679\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=65679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=65679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=65679"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=65679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}