While the detailed contents of the letter are and remain confidential and subject to legal privilege, Your Legal Friend is contending in broad terms that Quindell misled investors through a series of RNS announcements and in its historical published accounts, culminating in the various disclosures, restatements and revisions overseen by the current Board and contained in Quindell's 2014 Annual Report and Financial Statements, which was released on 5 August 2015.
Your Legal Friend is seeking answers from the company about:
- Various issues that resulted in the qualification of KPMG's audit report on the 2014 accounts.
- Statements made by the company in relation to various acquisitions.
- Revenue and profit representations linked to noise induced hearing loss cases.
- Representations linked to the proposed move from AIM to the Main market.
- The events of October and November 2014 which culminated in the departures of Robert Terry and certain other directors from the board.
To date Your Legal Friend has been contacted by over 1,100 retail investors and that number continues to grow each week.
In June 2015 the law firm appointed Philip Marshall QC as Lead Counsel for the potential group action on behalf of Quindell shareholders.
Mr Marshall QC has a stellar reputation and track record in the area of financial and investor litigation, including current and previous lead roles in relation to significant investor actions against Tesco PLC and RBS Group PLC being conducted by other respected legal firms.