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ASIC investigates Slater and Gordon over possibly 'falsified' financial records

Wednesday, 21 Dec 2016 07:44:03 | Thuy Ong

Logo of Slater and Gordon lawyers. (Supplied)

The corporate regulator is investigating law firm Slater and Gordon over whether it deliberately falsified or manipulated its financial records and accounts.

In a statement released to the ASX, the law firm said it was served yesterday afternoon with two notices by the Australian Securities and Investments Commission (ASIC) to produce documents related to its financial accounts for the period between December 2014 and September 2015.

The corporate watchdog is investigating the accuracy of Slater and Gordon's financial records and accounts and will also investigate whether the company or any of its employees have committed offences.

Slater and Gordon said the documents are to be produced later this month and in early January 2017.

The company said ASIC has stated the notices "should not be construed as an indication that a contravention of the law has occurred, nor should they be considered a reflection upon any person or entity".

Slater and Gordon said it would comply with the notices and "fully cooperate with ASIC so that its investigation may be completed as soon as reasonably possible".

Slater and Gordon shares fell 7.5 per cent to 24.5 cents by 10:39am (AEDT), following the market announcement.

The company's share price has been in freefall since peaking above $8 in April 2015, after massive write-downs and debts associated with the ill-fated acquisition of UK business Quindell, which coincided with its share price high.

More to come.

AustraliaPlus


 

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