ACA Lawyers has called for the release of a forensic review of Slater and Gordon’s books as soon as available so all investors in the publicly listed law firm are fully informed about the company’s financial position.
Media outlets yesterday reported that McGrathNicol, at the request of Slater and Gordon’s lead financiers, the National Australia Bank and Westpac, would undertake a review of the company’s accounts.
ACA Lawyers announced a potential class action against the publicly listed law firm on 18 December last year, the first firm to announce possible proceedings against Slater and Gordon.
Bruce Clarke, Principal with ACA Lawyers, said the reported review of Slater and Gordon’s books was a significant development that signalled real concern among the country’s biggest lenders.
“A forensic review of Slater and Gordon’s books by an independent firm of expert accountants will give the clearest picture yet of the financial state of the trouble company, and it should be released as soon as it is completed.
“This information should be made available so investors are fully aware of where they stand and what to expect from their investments in the firm in the coming weeks and months”.
Slater and Gordon shares fell by some 86 per cent in 2015. In the first week of trading in the New Year shares in the company declined a further 12 per cent to 72.5 cents yesterday valuing the law firm at $250 million, down from a high of $2.75 billion in April 2015.
ACA Lawyers are currently drafting a statement of claim on behalf of class action members and are also talking with a number of possible class action lead applicants.
Investors who have purchased Slater and Gordon shares since April 2015 can register as potential members of the class action by going to www.acalawyers.com.au/slater-gordon/ or emailing ACA Lawyers at: firstname.lastname@example.org
Media contact: Craig Allsopp: +61 2 9216 9898