Yesterday, the Australian Securities and Investments Commission (ASIC) served law firm Slater & Gordon
(ASX:SGH) with two notices to produce documents.
ASIC is currently investigating the law firm to determine whether its financial records, in the period between 1 December 2014 and 29 September 2015, were deliberately falsified or manipulated. At this stage, there is no indication that the firm or its employees have breached any laws.
Slater & Gordon is required to produce these documents to ASIC by early January, and the law firm says it will fully comply with that request.
At 10.20am, shares in Slater & Gordon fell 8% to 24 cents, but has since recovered. Over the past year, the firm’s share price traded at a high of 98 cents, but has fallen by more than 70% since then.
Slater & Gordon posted a net loss of $1 billion at 30 June 2016.
