Second law firm takes action over Lendlease share fall

摘要

Another law firm has started a class action against Lendlease on behalf of angry investors over a share price plunge last November, writes Dave Rogers. The firm, which is listed on the Australian stock exchange in Sydney, told the markets on 9 November that it was facing a $350m (£189m) writedown at its engineering and services division because of problems on a road scheme in Sydney called NorthConnex. It also said the business faced issues to do with wet weather along with remedial work arising from defective designs on other projects. In April, Australian law firm Maurice Blackburn, which is based in Melbourne, said it had begun taking registrations for a class action against the firm. It alleges that Lendlease broke Australian law by failing to properly inform its shareholders about serious issues in its engineering and services arm and by "engaging in misleading and deceptive conduct".