Steinhoff facing mass investor lawsuit in Germany
Steinhoff International Holdings, already embroiled in multiple legal claims over its accounting, is now also facing a mass investor lawsuit in Germany after a Frankfurt court received 10 suits, the minimum amount to allow the cases to be heard jointly under a special group litigation procedure, notes Fin24.
The Frankfurt Regional Court's ruling, dated 22 May, was published yesterday in an online register, Bloomberg reports.
The suits will now be sent to an appeals court, which will appoint a lead plaintiff in the case. The investors are seeking compensation for losses they say were caused by Steinhoff's accounting scandal.
The company was set to appear in court in a different matter yesterday, after a group of shareholders petitioned the Enterprise Chamber of the Amsterdam Court of Appeal for a hearing around the decline in its share price.
The furniture and retail conglomerate is domiciled in the Netherlands.
In a statement on Wednesday, however, Steinhoff said it and the shareholders had 'mutually agreed to postpone the date of this hearing'.
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