(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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Last
$6.90 |
Change
0.010(0.15%) |
Mkt cap ! $4.633B | |||
| Open | High | Low | Value | Volume |
| $6.91 | $6.95 | $6.84 | $7.658M | 1.111M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 8437 | $6.87 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.92 | 600 | 1 |
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