The listed law firm, which took on troubled Quindell's personal injury business in the UK, has admitted that it received draft results for its UK division that were worse than it had previously suggested. But these were not made public until nine days later.
Acting company secretary Helen Vines said that the draft information had to be checked before being published outside the company. She said: 'This draft information was internal management information which, without verification, was insufficiently definite to warrant disclosure.' She said that the company was compliant all along with the rules of the Australian Securities Exchange, where it is listed.
The company has had troubles with a volatile share price over the last year and analysts have suggested that it might want to raise capital as a matter of urgency after writing down some of its goodwill. Source: Sydney Morning Herald