GOLD Coast online retailer SurfStitch is facing a $100 million pounding.

The troubled surf and skatewear company is looking at its second class action from aggrieved shareholders who saw their shareholding smashed after a string of too-rapid acquisitions and a series of profit downgrades.

UK-based Vannin Capital, one of the world’s largest litigation funders, has engaged Sydney law firm Quinn Emanuel Urquhart & Sullivan to file a $100 million class action against SurfStitch in the Queensland Supreme Court.

The claim is believed to be the state’s first shareholder class action under the Supreme Court of Queensland’s new class action rules.

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Notes to Editors:

For more information on Vannin Capital, please contact: Leanne Harker, Marketing at Vannin Capital, T: +44 (0)1624 615 111, E: lsh@vannin.com