Slater & Gordon Limited
(ASX:SGH) have released a statement to the ASX saying it performed its own due diligence on the business assets it acquired from Quindell and did not rely on the UK firms questionable accounting practices.
Quindell was forced to restate its accounts by British corporate watch dogs including huge adjustments and revisions to its historical financial performance.
The financial statements now show a loss of 137 million pounds instead of a 175 million pound profit.
Slater & Gordon says it is confident it has no liability in relation to the ongoing investigations and its own engagement with ASIC is progressing in a timely manner.
Slater & Gordon reported a net profit of $33.73 million for the six months to the end of December 2014.
