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24 December 2015

Slater & Gordon faces class action from rival firm

Embattled international law firm Slater & Gordon is facing the possibility of a class action in 2016, after rival Maurice Blackburn began taking registrations from Slater shareholders to form the basis of a potential suit.

By Neasa MacErlean

carlo fornitano

Leading Australian compensation lawyers Maurice Blackburn opened its books to take registrations 'in relation to [Slater & Gordon's] ... disclosures to the market and the devastating share price drop suffered by its shareholders'. 

Share price fall

Maurice Blackburn says that, over the past several months, it 'has carefully monitored the events surrounding the precipitous decline in the price of [Slater & Gordon] shares'. Talking of these shares, it says that they 'have lost almost 90 per cent of their value since April 2015 as a series of questions have been raised about its acquisition in the United Kingdom of the Professional Services Division of Quindell PLC for approximately A$1.3 billion, the impact of proposed legislative changes affecting the personal injury legal market in the United Kingdom, and most recently the withdrawal of revenue and earnings guidance that had been emphatically re-affirmed only weeks previously.' Source: Maurice Blackburn

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