A New Dawn, page-598

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GrumpyScouser

281 Posts.

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14/09/18

18:45

Post #: 35613098
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Originally posted by jimk3758 ↑

That question shows how very little you know about this company. Write this down;

The company misled SH with financials that were and are now the subject of of multiple multi-million class action lawsuits. Management and in particular Mr. Andrew Grech made optimistic forward financial statements that were false on numerous occasions. Slater & Gordon BOD failed continuous disclosure laws which is a crime. I personally believe they knew the true situation many months before informing SH as required by law.

Because the company was technically INSOLVENT the only available remedy without winding up the company was D&O insurance which was woefully inadequate. AC stumped up a further four million dollars to AB members only or SGH would likely have been wound up. The BOD got off scot-free and in-particular Mr. Andrew Grech and Mr. John Skippen got off scot-free. I believe the SGH would have be required to pay hundreds of millions of dollars to aggrieved shareholders if the company had any money. There is currently multiple class actions against the Auditors that approved the dodgy SGH accounts.

IMO the BOD committed crimes against shareholders and in particular Mr. Andrew Grech. I believe that ASIC should fully investigate the former directors of SGH especially for failure of continuous disclosure laws. Unfortunately I think ASIC is brain dead and there will be no justice for shareholders.

You should now understand former shareholders were not gamblers with a punt on SGH hoping their lotto numbers would come up. Aggrieved shareholders were conned out of their money with dodgy financial accounts and forward guidance personal statements from Mr. Andrew Grech personally. It didn't help that the Chairman of the Board Mr. John Skippen tasked with protecting SH from a irrational CEO/Managing Director personally assured us that unprecedented DD had been conducted and then took a 50% pay increase.

Anyone who didn't know the above before has not done any company research. If you have any further further questions please don't hesitate to ask.

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Yeah....but....apart from all that, the scholars see this as a once in a lifetime recovery buy.

SGH Price at posting: $3.05 Sentiment: None Disclosure: Not Held
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