Major Aus banks order investigation of Slater and Gordon’s accounts

National Australia Bank and Westpac, Slater and Gordon’s leading investors, have appointed advisory firm McGrathNicol to look at the firm’s books reports Aus Lawyers Weekly

http://www.lawyersweekly.com.au/news/17777-major-banks-order-investigation-of-slater-and-gordon-s-accounts?utm_source=lawyersweekly&utm_campaign=newsflash07_01_2016&utm_medium=email

As reported in The Australian, the banks appointed the advisory firm to gain a clearer idea of the company’s financial position.

The decision follows a dire year for the listed firm, which has weathered a falling stock price and controversy around its acquisition of UK firm Quindell’s professional services division.

The stock price fell again today by 2.6 per cent to 73 cents a share, after dropping nearly 90 per cent since April 2015, and recently prompted rival firm Maurice Blackburn to prepare a class action against the firm on behalf of shareholders.