QBE Class Action, page-3

Hi pear,

Yes I am a current shareholder but bizarrely also a member of the class action. I lost money after buying in during the debacle as explained below on the Maurice Blackman website.  I sold out after that time (at a loss) but more recently have bought back in after recent softness in the SP. I bought again even though I guessed that they would have to pay out an amount of money like this. I think the company and market were expecting it.


I am actually not happy since:
1. Any reimbursement comes from long-suffering shareholders and that includes me.
2. I will only be reimbursed for a fraction of my losses (but hope to make it up again this time around!).

I agree it is appalling that ASIC/ASX has not been more aggressive concerning continuous disclosure in fining directors. It should not be up to the class action industry to seek redress, it only hurts the company not directors and is very inefficient and costly.

Maurice  Blackman website
The revelation on 9 December 2013 of the poor results understandably surprised investors. Only four months earlier, QBE’s half year report in August 2013 fed market expectations of a profit in excess of $1 billion for FY13 and a turn-around of its problematic North American operations.
The market reacted swiftly and savagely on news on 9 December 2013 of the expected loss. QBE’s share price plummeted by more than 20% on 9 December, closing down $3.45 on the prior close, the biggest single day fall for QBE shares in 12 years. The share price continued to fall the following day, shedding another $1.18. In total, QBE shares fell 30% over two days.