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24 May 2017 (TheAge) – SurfStitch faces $100m class action over share wipeout

(24 May 2017, The Age, BusinessDay, p22, Patrick Hatch)

‘Online fashion retailer SurfStitch is facing a $100 million class action launched on behalf of shareholders whose investments have been wiped out by the troubled company’s plunging share price. ‘ <snipped…>

‘SurfStitch listed at $1 in late 2014 and was trading at a record high of $2.09 in November 2015. It shares had fallen 90 per cent to 22¢ by June 2016 following three profit warnings. Mr Scattini said SurfStitch’s decline had been a “tragedy” for the many “mum and dad” investors who bought the company’s pitch of becoming the Amazon of surfwear, with about $500 million of shareholder value eroded.’

Read more at TheAge.com.au

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