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Angry Elders shareholders have approached national law firm Slater and Gordon to investigate a possible class action against the company.
Elders (ASX: ELD) last week announced a trading halt before advising the market on Tuesday that it expects a second half loss of $8-14 million, a big turnaround from forecasts in the prospectus of its September 2009capital raising.
Shares in Elders (ASX: ELD) have dropped 56 per cent this week.
Litigation funder Comprehensive Legal Funding LLC will fund the investigation by Slater and Gordon.
Slater and Gordon lawyer James Higgins says shareholders are tired of Elders’ poor governance.
“Elders’ history of disclosure is very poor,” he said.
“Shareholders are understandably angry and have approached us about a shareholder class action.
“We will begin the investigation immediately.”
Shareholders can contact Slater and Gordon on 1800 555 777 or by email at email@example.com