(Alliance News) - Italian Sea Group Spa has announced that Borsa Italiana Spa has ordered the exclusion of the company's ordinary shares from the STAR segment, effective March 17.
From that date, Italian Sea Group ordinary shares will continue to be traded on Euronext Milan.
Furthermore, the company has filed a formal complaint with the Public Prosecutor's Office at the Court of Massa against several former top executives. The action was initiated by CEO Giovanni Costantino, also in his capacity as the legal representative of GC Holding.
According to the complaint, the former managers allegedly acted in a coordinated manner to conceal the true management of orders and provide accounting and management information that did not reflect reality, including by bypassing the internal management system and altering documentation regarding cash flows and budgets.
The complaint was filed with the Massa Prosecutor's Office, which will investigate the facts and any potential liabilities. The company specified that operational activities are continuing as normal with the support of the board of directors.
By Claudia Cavaliere, Alliance News reporter
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