QBE Insurance Group Limited
(ASX:QBE) has announced that a class action has been commenced against it in the Federal Court in Melbourne.
The proceedings have been brought by Money Max as trustee for the Goldie Superannuation Fund, on its own behalf and on behalf of applicants who acquired shares in QBE between 20 August 2013 and 6 December 2013.
The proceeding alleges QBE failed to comply with its continuous disclosure obligations and engaged in false and misleading conduct in the lead up to the revised profit guidance announced to the market on 9 December 2013.
QBE says it will defend the allegations.
QBE Insurance reported a net profit of $638 million in the first half of FY 2015.
