http://www.heraldsun.com.au/news/br...nch-class-action/story-fni0xqi4-1227519028271
"QBE made comments in August which we allege were too bullish given what they knew about what was going on under the hood," lawyer Jacob Varghese told reporters in Melbourne.
"That gave the market a degree of confidence and it turns out that confidence was misplaced."
Mr Varghese said the statements made during the half-year results announcement led to the market expecting a significant profit, not a loss, at the end of 2013.
Instead, on December 9 QBE announced it would post a $250 million loss in 2013 linked to asset writedowns in its North American operation.
The market responded by wiping $4 billion off the company's value.
Stock prices dropped 22 per cent in a single day and 30 per cent over two days.
Mr Varghese said QBE failed to correct market expectations and failed to disclose that bad news was expected.
The class action is open to anyone who bought QBE shares between August 20 and December 9, 2013.
Maurice Blackburn says the action remains open for anyone who bought shares between August 20 and December 9 in 2013.
http://www.heraldsun.com.au/news/breaking-news/qbe-investors-due-...
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Last
$17.08 |
Change
-0.130(0.76%) |
Mkt cap ! $25.71B | |||
| Open | High | Low | Value | Volume |
| $17.06 | $17.11 | $16.89 | $40.74M | 2.390M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 248 | $17.06 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.10 | 620 | 1 |
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| QBE (ASX) Chart |