MILAN (Reuters) – Italy’s former phone monopoly Telecom Italia on Sunday dismissed as “unfounded and harmful for the group” a newspaper report concerning financial targets in a plan new Chief Executive Pietro Labriola is working on.

A report in daily Il Messaggero said Labriola would set very conservative targets, pointing to a decline in revenues and core profit until 2024, adding some board members were calling for more ambitious goals.

“TIM expresses its annoyance and concern [about] such reconstructions,” the company said in note, adding it would file a complaint with prosecutors and with market regulator Consob.

(Reporting by Valentina Za; Editing by Toby Chopra)