Myer shareholder launches legal action after bungled profit downgrade

 In Australia, Myer, NewZealand
Embattled department store chain Myer Holdings has been hit by another blow after a well-known litigator and Myer shareholder launched legal action against the retailer over its bungled profit downgrade.
Myer said on Thursday that legal proceedings were served against the company on Wednesday by a shareholder seeking to bring a group action for itself and on behalf of an unnamed group of shareholders.
The writ was filed by Portfolio Law Pty Ltd on behalf of Melbourne City Investments Pty Ltd (MCI), an investment company set up by former Minter Ellison partner Mark Elliott.  Sydney Morning Herald – Read more…

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