News: Billabong struck with shareholder class action

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Billabong International Limited (ASX:BBG) has been struck with a shareholder class action relating to statements the surfwear retailer made nearly four years ago. 

 

Billabong says it wholly rejects and intends to defend the statement of claim filed in the Federal Court of Australia by applicants seeking unquantified damages.

 

The applicants are understood to have bought ordinary shares or American depository receipts in Billabong between February 18 2011 and December 19 2011. 

 

Billabong has appointed a subcommittee to handle the issue and says it continues to focus on the ongoing turnaround of the company’s global operations. 

 

Billabong International reported a net profit of $24.11 million in the first half of the 2015 financial year.