PHOSLOCK ENVIRONMENTAL TECHNOLOGIES LIMITED (PET)
PROSPECTIVE PHOSLOCK SHAREHOLDER CLASS ACTION
On 16 September 2020, PET announced it had discovered certain “irregularities” in its China operations. Later investigations revealed these consisted of widespread fraud, bribery and corruption, including bogus sales. PET’s 2019 financial statements, audited by KPMG, reported a $2.7 million profit; after investigating the fraud, this was restated as a $1.1 million loss.
The fraud in China meant that PET’s 2019 financial statements, and probably earlier financial statements and announcements, were incorrect and arguably misleading. They had the effect of artificially inflating the price of PET shares, well above their true value. Shareholders bought shares relying on these announcements and financial statements. They paid much more than the shares were actually worth.
Levitt Robinson is progressing a claim for shareholder losses by way of a class action against KPMG and/or PET’s former directors in relation to the misleading nature of the announcements and financial statements.
REGISTER YOUR INTEREST
If you bought PET shares before 16 September 2020, either in your own name or on behalf of your self-managed superannuation fund, then you can participate in the class action. You should complete this short form to register your interest.
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Prospective Phoslock Shareholder Class Action
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