Slater & Gordon hit with second class action as angry...

Slater & Gordon hit with second class action as angry shareholders hit back over huge losses

an hour ago
STEPHEN DRILLHerald Sun



Andrew Grech, managing director of Slater & Gordon. Picture: Britta Campion

SLATER & Gordon is facing a second class action over its share price disaster in a major new blow for the embattled law firm.

Sydney-based ACA Lawyers has gathered major investors from Japan, the United States and Britain to join a probe into Slater & Gordon’s management.
It comes after rival personal injury law firm Maurice Blackburn this week announced it had 1750 shareholders in its class action.
Bruce Clarke, principal at ACA Lawyers, said it was considering a potential class action against the Melbourne-based law firm.
“We now have many major investors from around the world looking to be part of our proceedings, and the number of potential class action members and the value of the claim is growing every day,” he said.
“This is in addition to major domestic managed superannuation funds that are clearly very concerned about the investments they have made in SGH.”
Slater & Gordon’s controversial $1.3 billion purchase of a part of British law firm Quindell has contributed to a 90 per cent drop in the company’s shares in the past 12 months.
The company was trading at 61 cents late on Friday, down from $8.07 at its peak last year.
Slater & Gordon delayed revealing its cashflow results this week and warned 51 UK staff they could be made redundant.
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http://www.heraldsun.com.au/news/vi...s/news-story/bb303cd6926b681b73c18ef0ca6cf631

When will it end?