Steinhoff says it is open to negotiated settlements with stakeholders who lodged claims against the embattled retailer after it uncovered “accounting irregularities” in late 2017. In December 2017, the company said it had identified problems with its financial accounts and that its CEO at the time, Markus Jooste, had quit. That caused the group’s shares to plunge 63% in a single day, and the stock has not recovered. Steinhoff now faces class-action lawsuits from shareholder groups, including from European shareholder association VEB.
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