Australian financial regulators have told Slater and Gordon they want to re-examine documents relating to a previous investigation into the firm.
The listed firm announced to the Australian stock exchange today that it had been served with two notices to serve papers by the Australian Securities and Investments Commission (ASIC).
The documents relate to an ASIC investigation into the accuracy of financial records and accounts of the company between December 2014 and September 2015. They are to be produced later this month and in early January.
The announcement states that ASIC wants to determine whether those financial records and accounts were ‘deliberately falsified or manipulated’ and whether the company or any of its officers have committed offences.
Slater and Gordon said back in February ASIC had discontinued its inquiries in relation to financial reports for the years ended June 2014 and June 2015.
As part of its announcement, the firm said: ‘ASIC has stated that these notices should not be construed as an indication by ASIC that a contravention of the law has occurred and nor should they be considered as a reflection upon any person or entity.
‘The company will comply with the notices and will also fully cooperate with ASIC so that its investigation may be completed as soon as reasonably practicable.’
The share price of Slater and Gordon once again dipped following this latest announcement, dropping 7.5% to A$0.245 (14p) a share. This is now the lowest trading price since April.
Today’s development marks another setback in a year which has been characterised by problems. Fallout from the £637m acquisition of Quindell’s professional services division has continued to hamper the business, with the company altering its operation in the UK to put an end to continuing losses.
Market watchdog seeks fresh look at Slater and Gordon records
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