Surfwear retailer Billabong rejects class action claim
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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.
Questions & Answers
Q.What is the nature of the lawsuit Billabong is facing?
What is the nature of the lawsuit Billabong is facing?
The lawsuit is a shareholder class action, alleging that Billabong's earnings guidance for the 2012 financial year lacked reasonable grounds. The law firm Slater & Gordon is seeking compensation for affected shareholders.
Q.When did Billabong receive notification of this lawsuit?
When did Billabong receive notification of this lawsuit?
Billabong received notice of the shareholder class action lawsuit on Thursday. The statement of claim was filed a day earlier, relating to market disclosures made four years ago.