Initially I joined Gadens class action. I mistakenly thought all the class actions were challenging over the same defaults. Apparently, they are all different. However, they will all be seeking payouts from the same insurance policy.
The Piper Alderman action is suing the auditors as well as the directors. Their challenge is that the Board approved misleading financial statements (over valued plantations) and that the auditor failed in its duties. The fire sale conducted by the receivers demonstrates the plantations were over valued. So if Piper Alderman are successful, the payout will come from a far bigger pot of money - the auditors. So I joined this class action as well.
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
