Surfwear retailer Billabong rejects class action claim

Struggling surf-wear retailer Billabong said on Thursday it received notice of a shareholder class action lawsuit over market disclosures it made four years ago.

The Federal Court of Australia online register said law firm Slater & Gordon filed a statement of claim a day earlier. A Slater & Gordon spokesperson was not immediately available for comment.

The law firm said a year ago that it planned to seek compensation for shareholders, alleging the company gave earnings guidance for the 2012 financial year that lacked reasonable grounds.