Steinhoff shares reach new lows as it faces German lawsuit
Innsworth Litigation Funding has begun building a case against Steinhoff and wants shareholder clients willing to sue, it said last week
Steinhoff’s share price sank to its worst level yet – and weakest since 2003 – after shedding another 34% on Wednesday to close at R4.62 following a meeting with its bankers in London on Tuesday and another class-action lawsuit being filed by investors against the global furniture retailer. That brings Steinhoff’s market losses to about R220bn since announcing “accounting irregularities” to the market more than two weeks ago that have claimed the scalp of former CEO Markus Jooste and Christo Wiese as the retailer’s supervisory chairman. Steinhoff’s decline is an astonishing reversal for a company that exactly one year ago was worth about R300bn and ranked the sixth-largest company on the JSE. The lawsuit was filed in the Frankfurt district court, according to a statement from TILP law firm, by investors looking to recover funds from the company. TILP is asking shareholders who bought stock between December 7 2015 and December 5 2017 to join the lawsuit on the basis that investors ha...
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