By Allison Gosman, Senior Marketing Specialist, Financial Recovery Technologies
|Company||Steinhoff International Holdings NV|
|Exchange||FWB (Frankfurt Stock Exchange) and JSE (Johannesburg Stock Exchange)|
|Claims||Breach of continuous disclosure obligations, and misleading and deceptive conduct|
|Relevant Period||Deminor: December 7, 2015-December 5, 2017
Grant & Eisenhofer: December 31, 2014, January 1, 2015 - present
TILP: December 7, 2015-December 5, 2017
On December 5th, 2017, the Steinhoff International Holdings NV (“Steinhoff”), a South African international retail holding company, announced that they received new information regarding irregularities to its accounting practices. The company declared that they “will determine whether any prior years’ financial statements will need to be restated.” The Viceroy Research Group, an US-based investment company, launched its own investigation to determine whether Steinhoff had purposefully used implementing irregular accounting practices to artificially inflate its earnings and valuation.
DETERMINING ELIGIBILITY & COSTS
The organizers, Deminor, Grant & Eisenhofer, and TILP with DRRT, do not intend to bring this as a Dutch Foundation under the Dutch Collective Settlement Act of 2005. Rather they intend to file a damages action with the Netherlands courts. Therefore, in order to participate in this action, shareholders will have to register with the organizer.
FRT has issued the following alerts to FRT Global Group Litigation clients:
- Preliminary Alert: December 13, 2017
- Full Alert: January 18, 2018
For more information on this case or FRT Global Group Litigation service, please contact us at firstname.lastname@example.org.
U.S. CLAIMS I GLOBAL GROUP LITIGATION I ANTITRUST I LITIGATION MONITORING I BUYOUTS
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