(Adds details on class action in paragraphs 2-3)
March 4 (Reuters) - Australian contracting firm Downer EDI (DOW) said on Monday it had filed a defence against class action proceedings brought against it for allegedly making misrepresentations and withholding certain information about a maintenance contract in its domestic utilities business in July 2019.
A class action lawsuit was filed on behalf of shareholders who bought Downer shares between July 2019 and February 2023, after the company admitted to overstating its pre-tax earnings due to accounting irregularities.
In February 2023, the Sydney-headquartered company admitted to misreporting earnings from a contract, leading to an overstatement of post-tax earnings by A$22.2 million ($14.82 million) between April 2020 and June 2022.
News: DOW UPDATE 1-Australia's Downer EDI says it has filed class action defence
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$7.13 |
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