SURFSTITCH WIPE OUT

BELEAGUERED clothing retailer SurfStitch faces more grief.

The Gold Coast-based outfit is the target of a looming $100 million class action from aggrieved shareholders.

These investors saw the value of their portfolios plummet 85 per cent following a series of profit downgrades between August 2015 and June last year.

About $500 million in market capitalisation went up in smoke over that time.

With backing from UK-based litigation funder Vannin Capital, Sydney law firm Quinn Emanuel alleged yesterday that SurfStitch breached disclosure obligations and engaged in misleading or deceptive conduct.

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Notes to Editors:

For more information on Vannin Capital, please contact: Meika Aysal, Marketing at Vannin Capital, T: +44 207 099 5180, E: ma@vannin.com