Case Spotlight: Steinhoff International Holdings NV

By Allison Gosman, Senior Marketing Specialist, Financial Recovery Technologies

CompanySteinhoff International Holdings NV
JurisdictionNetherlands
ExchangeFWB (Frankfurt Stock Exchange) and JSE (Johannesburg Stock Exchange)
IndustryRetail
ClaimsBreach of continuous disclosure obligations, and misleading and deceptive conduct
Relevant PeriodDeminor: December 7, 2015-December 5, 2017
Grant & Eisenhofer: December 31, 2014, January 1, 2015 - present
TILP: December 7, 2015-December 5, 2017

CASE BACKGROUND

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 implemented 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.

Learn More

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 learnmore@frtservices.com.

About FRT

U.S. CLAIMS  I  GLOBAL GROUP LITIGATION  I  ANTITRUST  I  LITIGATION MONITORING  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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