Listed law firm loses broker

Quindell, the law firm listed on the London AIM market, has lost its broker and now faces calls for an investigation for not disclosing that fact.

Quindell is facing calls for a probe after it emerged that it did not make public to the market the decision of its joint broker to stand down as soon as it received the news.  The broker had told the company of its intention on 21 October, according to the Financial Times, but the market did not know this on 5 November when three directors sold some £9m in shares as part of a sale and repurchase transaction. Mike van Dulken, head of research at Accendo Markets, told the FT: 'If your joint broker and financial adviser decides enough's enough, surely that needs to be disclosed asap.'  Source: Financial Times

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