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.
Click here to read the full article (subscription may be required).
For more information on Vannin Capital, please contact: Meika Aysal, Marketing at Vannin Capital, T: +44 207 099 5180, E: email@example.com