Steinhoff shares plummet to new low on shareholder demands to #PayBackTheMoney

There are many investors from South Africa that has approached us… we will find a workable solution for these guys…

Maximilian Weiss, TILP Litigation

Steinhoff shares fell to new lows on Thursday after German investors sued the South African retailer.

They want to recover funds after news of accounting irregularities caused the stock to slump by 90% in two weeks.

The class-action lawsuit is likely to be the first of many.

The Money Show’s Bruce Whitfield interviewed Maximilian Weiss, Attorney at TILP Litigation.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

This is just the beginning.

Maximilian Weiss, TILP Litigation

Under German law, we have ad hoc disclosure obligations… You can be held liable if you do not submit certain information in due time…

Maximilian Weiss, TILP Litigation

The company had to inform the market way earlier… everybody who purchased shares… have a very good claim to pursue…

Maximilian Weiss, TILP Litigation

We always look for the deep pockets…

Maximilian Weiss, TILP Litigation

We will receive money for the work we do.

Maximilian Weiss, TILP Litigation

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This article first appeared on 702 : Steinhoff shares plummet to new low on shareholder demands to #PayBackTheMoney


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