Quindell’s past is not done haunting the company’s present form, Watchstone Group Plc, as a shareholder action is launched pursuant to section 90A of the Financial Services and Markets Act 2000.
Representing investors who suffered losses as a result of alleged misleading statements or omissions by Quindell about its true financial position is Harcus Parker, which today (November 28) sent a letter before action to Watchstone.
In a factsheet, the specialist litigation law firm noted: “There is evidence to suggest Quindell’s directors at the time knowingly concealed its true financial position from investors by making misleading statements and/or omissions to the market. The uptick and downswing in Quindell’s share price between 2011 and the end of 2014 led to shareholders suffering significant losses.
“Many shareholders bought on the basis of Quindell’s false assertions that its performance and prospects were better than they in fact were. They then lost out disproportionately and unfairly when the falsity of the company’s announcements to the market became known.”
Quindell shareholders between May 2011 and August 05, 2015 may be eligible to join the action and are advised to contact Harcus Parker.
Jennifer Morrissey, a partner at the London-based law firm, stated: “Between 2011 and mid-2015, Quindell regularly published upbeat market announcements about its financial good health, when it knew the truth was significantly different.
“We are rapidly building a cohort of shareholders who suffered significant losses when the share price collapsed when the truth started coming out, and we hope Watchstone will recognise the failures of its predecessor and compensate them without the need for a drawn-out legal fight.”
