BESIEGED law firm Slater and Gordon is now worth just $86 million after investors again stampeded the exits following the revelation the corporate regulator was probing its accounts.
The company has revealed the watchdog is investing whether its “financial records and accounts were deliberately falsified or manipulated and whether the company or any of its officers have committed offences”.
Slater and Gordon shares crash as probe revealed
ASIC
probes Slater and Gordon again
Shares in the group fell more than 11 per cent in early trade following the revelation on Wednesday and ended the session 7.6 per cent lower, stripping $7 million from its market value.
Slater and Gordon, wallowing in $682 million of debt, has now lost $2.6 billion in value since shares in the group peaked in April last year.
That was just before details emerged about the weak performance of a business it had bought from British firm Quindell, leading to $880 million in writedowns.
In a note to the stock exchange on Wednesday, Slater and Gordon management said the regulator had served it with two notices to produce documents for its investigation.
“ASIC has stated that these notices should not be construed as an indication ... that a contravention of the law has occurred and nor should they be considered a reflection upon any person or entity,” it said.
isnt this Julie Gillards old stamping ground..
why would anyone invest their money in this firm????..
its amazing the head boys even want a raise..
