It's a basic movement made by ValFleurier for the masses to lower their costs.
I have had a variation of this movement in the IWC mark x2 and Ingenieur x2 and various submersibles. IWC has the best iteration as they seem to modify the date mechanism and gear train bit. With that said one of my Ingenieur's broke when pulling out the crown.
Panerai however took this movement and to cut costs and removed the hacking functionality. On top of that if you go to any AD and try to change the date you will see what I am talking about with the horrible loose gear train! Say 1 full turn of the crown to change the date! Compare that to other brands and it will be self explanatory!
Accuracy of every submersible with this movement has been +8/10 on a good one and up to +25 ranging from new to 2 year old models.
Now panerai quietly added back the finishing and hacking seconds as I saw yesterday when looking at the newest arrivals but outside of that it's still a budget cheap alternative for $12,500 dollar watches!
The amount of complaints from the community forced them to create the P980 which is basically the p900 with hacking a full balance bridge. Most likely same crap!
Shady brand. Their old stuff is and always will be awesome though!