An association of minority shareholders and bondholders in Parmalat will meet in Parma, Italy on January 17 to discuss its plans to protect its members from the troubled food group.

Italian press reports said the association intends to show that Parmalat's financial statements since 1989 have been false. And that the price set for the company's initial public offering in 1990 was not based on fundamentals.

The reports said an association member believed the IPO should be considered null and void and shareholders should be entitled to recoup their investments on the same terms as bondholders.