Beleaguered Australian law firm Slater & Gordon has requested its shares be suspended from trading as it works out “certain material items” in its upcoming interim results.
S&G said on Wednesday that “certain material items” are “not yet finalised” for the latter six months of last year. It intends to report results and resume trading on February 29.
S&G has had a difficult time of it lately. It bought the professional services arm of UK firm Quindell last year, with the latter subsequently coming under investigation by the Serious Fraud Office in the UK over its “business and accounting practices”. S&G also faces a probe by Australian regulators over its accounting practices. In November it lost half its stock market value in a single session following news the UK government plans to limit the number of personal injury claims.
It seems likely those mystery material items relate to its UK expansion: in its statement, it said auditors and external advisers are working on “testing and assessment of the goodwill values for impairment of the UK business”.