Shares in Slater & Gordon have been placed in a trading halt ahead of an update on the troubled law firm’s class action and a restructure proposal.
The company’s aggrieved shareholders are chasing compensation for the almost wholesale evaporation of the law firm’s value following its ill-judged $1.3 billion acquisition of British professional services firm Quindell in 2015.
Slater and Gordon posts heavy losses
Law firm Slater and Gordon reports a net loss of $425 million in the six months to December 31. (Vision courtesy ABC News 24)
With shares closing at 7.4¢ on Friday, from an August high of 57¢, Slater and Gordon has asked the ASX to put its shares in a trading halt until July 12, or earlier if an announcement is made to the market.