Slater & Gordon, the brash Australian-based personal injury law firm and the first in the world to be publicly listed, has had its shares suspended.
The firm is finalising its first half earnings, due on Monday, which are to include items relating to impairment charges for the firm’s UK business. Slater & Gordon bought UK professional services firm Quindell for $1.2 billion and has seen its shares plummet from a high of over $8.00 in April 2015 to around 80 cents presently.
The firm said it “continues to work with its auditors and external advisers to finalise and confirm those material items, and is not in a position to make an announcement until that work is concluded”.
“The company has sought a voluntary suspension, rather than a trading halt, because it does not expect to announce the half year results until after trading concludes on Friday, February 26, Slater & Gordon said.
Shares in the law firm have fallen around 80 per cent since June last year, following a long period of decline after reports the Australian Securities & Investments Commission had questioned some of the company’s financial reporting.