Australia's largest department store, Myer Holdings
(ASX:MYR) has been sued in a Federal Court class action, launched by a former shareholder, TFT Patrol Pty Ltd.
TFT alleges it suffered loss and damage from statements made by Myer regarding its 2014 full-year results. And TFT has brought these proceedings on behalf of itself, and a group of defined, but unnamed shareholders.
Just weeks ago, Myer was also the subject of a different class action from another aggrieved shareholder, Melbourne City Investments Pty Ltd. However, the Supreme Court of Victoria permanently stayed those proceedings because it found the MCI class action to be an abuse of the legal process.
Myer says it denies liability and will vigorously defend the new proceedings.
Myer posted a net profit of $60.5 million at 31 July 2016.
