Another round of investors are fleeing troubled law firm Slater & Gordon as speculation mounts its board is clearing the decks ahead of a potential corporate restructure, while lawyers poise themselves to launch class action suits against the class action specialist.
At the 4.15pm (AEDT) official market close on Friday, Slater & Gordon shares had dropped a further 6.74 per cent to 83c — against a benchmark lift of 0.09 per cent — following a 17 per cent crash on Thursday after managing director Andrew Grech abandoned the law firms earnings guidance just two weeks after recently doubling down on the forecasts.
The stock has plummeted nearly 90 per cent from a peak near $8 a share in April this year as aggressive accounting problem…
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