Myer has been issued with a writ from a shareholder alleging...

Myer has been issued with a writ from a shareholder alleging loss over the firm's failure to warn of a surprisingly big slide in profitability.
The writ alleges that Myer failed to warn shareholders about a massive profit downgrade revealed last week which sent the share price sharply lower.
The lawsuit centres on comments made at Myer's 2014 full-year results briefing on September 11, 2014 about the retailer's 2015 financial year outlook.
During an analyst call the then-chief executive, Bernie Brookes, stated that the company not only "anticipated sales growth, but anticipated profit growth this year".
This is a key issue raised in the statement of claim issued by plaintiff Mark Elliott of Melbourne City Investments.
On the same call, Mr Brookes repeated that profits would rise.
"You made a comment, Bernie, that you're guiding for a net profit increase 2015 on 2014 ... Is that correct?" asked Macquarie's Rob Freeman.
"That is correct, yes," Mr Brookes answered.
Myer reported a net profit of $98.5 million dollars for the 2014 financial year.
The department store operator effectively reaffirmed that guidance when it announced that Richard Umbers would take over from Bernie Brookes as chief executive in February.
However, just a fortnight later, Myer announced a 23.1 per cent slide in first-half profit that was around twice as large as most analysts had expected.
Its full-year profit guidance was also downgraded to between $75–$80 million.

Myer shares fell almost 13 per cent at some points during the day in response and have not recovered.
Portfolio Law has filed a writ against Myer on behalf of Melbourne City Investments (MCI), which alleges it suffered loss and damage resulting from the company's September 2014 statement.
MCI is arguing that Myer had no reasonable grounds for representing to the market that its 2015 profit would be in excess of $98.5 million.
It also brushed aside claims from Myer that it did not know the full state of its books until the day before its half-year profit announcement, saying the retailer should have near real time information about its sales performance.
Myer said it would vigorously defend the litigation.
The company's shares were down 8 cents, or 5.7 per cent, to $1.335 by 11:52am (AEDT), although much of the fall is due to Myer shares trading without rights to its latest 7 cents per share dividend.