SLATER & GORDON CLASS ACTION

If you purchased Slater & Gordon Limited (SGH) shares between 12 August 2014 and 19 February 2016 inclusive, you may be eligible to join our proposed class action.

ACA Lawyers is investigating a proposed class action against SGH, arising from alleged continuous disclosure breaches and/or misleading or deceptive conduct by SGH in relation to financial statements and announcements about SGH’s financial position released in the period from 12 August 2014 to 28 February 2016. The SGH share price has fallen over 95% since August 2014, wiping off over $2 billion in shareholder equity.

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You can register and join our class actions in three easy steps:

Step 1: Register your interest here. There is no obligation to join the class action.
Step 2: You will be sent an email with further information and documentation for joining the class action.
Step 3: Sign and return the documentation if you wish to join the class action.

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For further information about the Slater & Gordon class action and the funding provided by Woodsford Litigating Funding and JustKapital Litigation Funding, please call us on +61 2 9216 9898 or email your enquiries to info@acalawyers.com.au


BACKGROUND

ACA Lawyers is investigating alleged continuous disclosure breaches and/or misleading or deceptive conduct by SGH.

The continuous disclosure breaches and/or misleading or deceptive conduct relate to SGH’s alleged failure to disclose in its FY2014 and FY2015 results and FY2016 forecast that it had materially overstated:

a.    movement in work in progress (WIP), a component of fee revenue;
b.    earnings before interest, tax, depreciation and amortisation (EBITDA);
c.    net profit after tax (NPAT);
d.    earnings per share (EPS); and
e.    WIP balances.

SGH’s alleged misconduct was incrementally disclosed in media reports and announcements from 24 June 2015 to 29 February 2016. 

From 23 June 2015, the day prior to the release of media reports alleging that SGH’s audit processes were the subject of an ASIC investigation, through to 2 March 2016, two days after the release of SGH’s FY2016 half year results, SGH’s share price fell more than 95% and wiped off over $2 billion in shareholder value. 

The focus of the proposed class action is SGH’s alleged financial misreporting, rather than the acquisition of the Professional Services Division (PSD) from Quindell. This acquisition is only relevant to the proposed class action in that it is alleged that SGH’s financial misreporting also affected the valuation of the PSD’s WIP and revenue.