October 31, 2019 / 5:04 PM / 15 days ago

Italy judge revokes Bio-on board, appoints judicial administrator

BOLOGNA, Oct 31 (Reuters) - An Italian judge on Thursday revoked the board of bio-plastics maker Bio-on and appointed a judicial administrator to the company, a document showed, as part of a probe into false accounting and market manipulation.

Prosecutors in the northern city of Bologna opened an investigation in July in July over alleged market manipulation after U.S. fund Quintessential Capital Management accused the company of accounting irregularities.

Bio-on’s Chief Executive and Chairman Marco Astorri was placed under house arrest on Oct. 23 as part of the investigation, and has since stepped down. (Reporting by Valentina Accardo, writing by Giulia Segreti, editing by Silvia Aloisi)

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