Many investors in Quindell PLC (Quindell) invested during 2013 and 2014 and then saw a significant drop in the value of their shares during the last quarter of 2014.
We have been contacted by many such investors who relied on a range of positive statements issued by Quindell about the group’s trading, profitability and cash generation and other matters in RNS announcements to the London Stock Exchange and other documents.
In August 2015 Quindell published its Annual Report and Accounts for the year ended 31st December 2014. This featured an extensive and very material set of adjustments and corrections to previously published figures. KPMG’s audit report was qualified and referred to omissions from and corrections to information previously supplied to them by management.
We are investigating whether various of the RNS announcements issued by Quindell and relied upon by investors could be considered to be untrue and/or misleading, and if material facts were not disclosed to the market at the appropriate time, which may in turn have caused investors to suffer actionable losses.
We believe that there are grounds for a s.90A Financial Services and Markets Act 2000 claim against Quindell in relation to those announcements and have already submitted a Letter of Claim to Quindell on behalf of an initial group of 342 investors.