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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