May 25 (Reuters) - Australia's Litigation Capital Management (LCA) will fund a shareholder class-action against sandalwood distributor Quintis Ltd (QIN) as well as its auditor Ernst & Young, Litigation said in a statement to the Australian bourse on Friday.
The claim alleges that financial reports of 2015 and 2016 significantly over-stated the value of Quintis’ assets and the amount of Quintis’ profits in those years.
The class-action commenced on Friday in Sydney in the Federal Court of Australia.
News: QIN Australia's Litigation Capital to fund shareholder class action against Quintis
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