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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Quindell | QPP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 97.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 97.75 | 97.75 |
| Top Posts |
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Posted at 29/2/2016 09:35 by dasv "Quindell's accounting policies were themselves the subject of controversy but Slater & Gordon assured investors that the firm had undertaken extensive due-dilligence with 70 staff reviewing thousands of files. The transaction also included a 'carve-out' agreement that was intended to quarantine the impact of tens of thousands of hearing loss cases originated by Quindell.With over 300 staff working to resolve these cases, the delays in settling these cases have been a key contributor to the company's precarious financial performance. "The rate of resolution has been disappointing and has been costing us," Grech told analysts on the earnings call. " |
Posted at 18/12/2015 15:26 by dasv Hhxxp://www.afr.com/Slater & Gordon faces potential class action amid insolvency claims by Marianna Papadakis Slater & Gordon may be getting a taste of its own medicine. Law firm ACA Lawyers said it is considering a class action lawsuit against the embattled labour law firm on behalf of investors who may have lost money when its share price fell 90 per cent this year. ACA Lawyers principal Bruce Clark said he was investigating a shareholder class action against Slater & Gordon for potentially misleading investors over a capital raising for the $890 million acquisition of British-based Quindell's professional services division in March and a cancelled profit forecast this year. Separately, a small Western Sydney legal firm, Cox West Lawyers, lodged an urgent claim against Slater & Gordon for the payment of money because it says it fears the firm is insolvent. Slater & Gordon, which is traded on the share market, did not comment on the class action but a spokeswoman said the firm was not "near insolvency" as apparently alleged by Cox West Lawyers' legal representatives. TERMINATED She said one of the former principals of Cox West Lawyers, John Cox, was terminated from Slater & Gordon this week. She said the firm had no prior notice of the claim and was therefore not represented in court. "We regard the comments as highly inflammatory and designed to advance the applicant's position," the spokeswoman said. "As was outlined to Cox West Lawyers earlier this week, Slater and Gordon is and remains a financially viable organisation able to meet its financial obligations. "It is simply not appropriate for us to provide commentary on employment and acquisition agreement matters which are now before the court." Mr Cox confirmed to AFR Weekend he was sacked on Wednesday and has since engaged lawyers. "Without notice a series of allegations were put to me at a meeting. I categorically rejected each and every allegation put to me. Notwithstanding this I was immediately terminated," he said. "I continue to strongly deny any wrongdoing. I have personally retained and instructed Harmers Workplace Lawyers to formally commence proceedings on my behalf regarding my termination next week. "I note that the termination occurred at the time my company Cox West Lawyers was in dispute with Slater & Gordon." Slater & Gordon shocked investors on Thursday by abandoning a recently reaffirmed full-year forecast for 2016 of revenue in excess of $1.15 billion. The firm's chief executive, Andrew Grech, said on Thursday it was reviewing its approach to financial forecasting after worse than expected results from its British legal service business Quindells. LITTLE CONFIDENCE Mr Clarke said shareholders could have little confidence in the company's projections. Slater & Gordon's share price dropped around 86 per cent from after it sold new shares to the public on April 20 to the withdrawal of its forecast on Thursday, wiping $2 billion off shareholder value. At the time of the capital raising the company said the acquisition would improve earnings per share by 30 per cent in the first year, Mr Clarke said. "It is a publicly listed firm that should know better than most the duties of companies in regard to governance and keeping shareholders properly informed," he said. "Slater & Gordon should expect the same scrutiny as other publicly listed companies where they have instituted proceedings on behalf of shareholders." Lawyers for Cox West Lawyers, a small personal injuries and family law firm that was absorbed by Slater & Gordon just over a year ago, asked the NSW Supreme Court on Friday for an urgent payment from Slater & Gordon. QUICK DECISION Cox West's barrister, Ivan Leong, asked for a decision before Christmas. "We wish to assert a contractual right to get an injunction to a large sum of money paid into trust. We are fearful of the defendant being insolvent," Mr Leong said. "The defendant being insolvent?" NSW Supreme Court judge James Stevenson asked. "Slater & Go … well, I won't say the name," Mr Leong replied. Justice Stevenson ordered them to explain why the matter needed to be determined two days before Christmas and the general nature of the request by December 22. Slater & Gordon's shares have slumped 89 per cent in the past year following investigations into accounting practices and the performance of its Quindell's business. The Australian Securities and Investments Commission stepped up an investigation against the embattled legal firm following its Thursday earnings downgrade. |
Posted at 23/11/2015 22:29 by solanki2000 Why would anyone want to be proud to face or being in a position to be in total wipe out? Not a mark of a good investor, not even bad investor. It's a mark of an idiot investor. Can't be exciting seeing it dive down to nothing not having the balls to sell living in hope. Really would be lost for words if I didn't realise the level of stupidly that already exists |
Posted at 31/10/2015 22:44 by squire007 Look familiar ......... !! FFSby Larry Smith.. In order to give more insight into what a naked shorting attack might look like, I have put the predictable elements of a typical attack based on my experience in living through a number of them on separate companies. ◾Shorts like to target emerging biotechnology stocks that are engaged in high risk drug development and are not widely covered by quality research analysts. ◾The initial and subsequent attacks are almost always triggered by some news event. Obviously, the shorts seek out negative news or an event that creates uncertainty. However, sometimes an attack can be based on a positive news event which the shorts spin to make it appear negative. ◾Using the ready platform afforded by the internet and social media, a blogger associated with the shorts goes to work with a negative interpretation of an event. These are usually not sophisticated analyses and are usually limited to one or two pages of text which is invariably one-sided and unbalanced. These are meant to provide “intellectual& ◾The most prominent of these bloggers usually have no backgrounds in biotechnology analysis or expertise in the science. I believe that in many cases, hedge fund employees actually write the articles which are cut and pasted into the comments of these bloggers. ◾The heart of the naked shorting scheme involves a group of hedge fund traders conspiring to steadily knock out offers for the stock and to trigger stop loss orders (This is explained later in this report). This is called walking the stock down. The power of these conspiracies is striking and in many cases allows the shorts can largely determine the price that they want the stock to trade at. ◾The stock weakness gives legitimacy to the contrived negative blogs. The idea is to create fear and uncertainty among investors by making all news events appear to be negatives and to fabricate new issues that the shorts hope will demoralize investors. ◾The first time I came up against this, my thought was that the blogger was someone who was just more cynical about the chances for success and had an opposite point of view from mine. This is understandable and common in research analysis. I wrote a respectful rebuttal to their argument. ◾I thought that after their rebuttal to my rebuttal, this would end the discussion. We had expressed our opposite points of view, would respectively disagree and move on. This had mainly been my experience in my Wall Street days as an analyst when I disagreed with another analyst. I was wrong. ◾The situation quickly escalated. In the rebuttal, the blogger accused me of being stupid, deceitful and being paid by the Company to write positive comments. ◾In this case, over 20 articles were then written in a period of a year. Usually, they were timed to a press release and regardless of the news and without exception each was interpreted as a major negative. A major strategy was to argue that management was lying to investors and manipulating the stock. ◾The stock would go down on good news, bad news and uncertain news. One of the pillars of stock manipulation is to make good news appear to be bad. ◾The blogger was indifferent to truth and actually would make up information that was factually incorrect. When made aware that the information was wrong, he/she would ignore it and even repeat it in later blogs. ◾There are a number of bloggers who participate in these attacks. Many of these bloggers appear to work together and coordinate their negative attacks. It is striking that many of these people have connections to one another. Many of them were trained at a well-known blogging site that was founded by hedge fund people. ◾Sophisticated use is made of the Internet and social media. Twitter is used to signal that an attack has begun. ◾Shorts are well connected to mainstream media and are adept at getting them to unwittingly participate in the scheme. ◾Vicious attacks are launched on writers who might have an opposite but hopefully more well-reasoned and balanced view. The usual line is that they are being paid by management to write positive articles. ◾Seeking Alpha has become very friendly to articles supporting short selling and is used extensively by the hedge funds. The site actually promotes as one of its favorite authors a person who writes only negative attack article on companies in which he claims that managements are lying and paying authors who have a positive view on the Company. In his disclosure, he states that he shorts stocks, then publishes a negative article on Seeking Alpha and states that he may cover immediately after the article is published. This seems to meet the definition of a pump and dump scheme. He also acknowledges that he is collaborating with other short sellers. I think they contribute the information for most of his articles ◾Seeking Alpha allows articles to be published by anonymous authors. These articles are often extremely bearish and are almost certainly written by people at hedge funds. ◾Hedge fund create pseudonyms and publish on a daily basis negative comments on message boards like Yahoo and Ihub. ◾Law suits appear after articles and allege misconduct on the part of managements and urge investors to participate in a class action lawsuit. |
Posted at 01/9/2015 21:45 by fox you I HOPE FOR THE SAKES OF THE PRIVATE INVESTORS CHINA STOCKS MASSIVLEY CRASH, BUT I MAY BE WRONG AND THIS MAY RESULT IN THE FOOLS AKA ILL INFORMED SMALL INVESTORS PILINING IN AND THEN = CRASH GOES THE MARKETI REMAIN 100% CASH IN DIRECT SHARES AS ALWAYS, DYOR, THE CHOICE IS YOUR SIF YOU BUY/ADD OR RUM USE A FINCIAL EXPERT IF YOU ARE WEAK MINDED AND EASILY LED I ALWAYS USE MY OWN JUDGMENT BUT THEN AGAIN I AM UNIQUE DYOR GLA ATB HNY |
Posted at 18/8/2015 20:09 by nicky name YLF will not succeedby their own admission on the website this area of law is untested HOW THE HELL CAN ANYBODY DETERMINE DAMAGES (their loss) Investor A has sold at 26p for example Investor B is holding at today's price of 98p The company is solvent and trading. Investor A sues Investor B (the owner of the company) DOES THIS MAKE SENSE TO ANYONE? It certainly will not make sense in the High Court, in my opinion |
Posted at 15/8/2015 01:19 by soul limbo Investors who bought at the peak lost more than 90 per cent of their money during the year – and hundreds have since signed up to sue the company.The legal firm organising the case, Liverpool-based Camps Solicitors, says it has seen a surge in numbers since the SFO began its probe. Colin Gibson from Your Legal Friend, the trading name for Camps, said up to 200 investors came forward in the last month, adding: ‘The aspect that took us by surprise was the full extent of the prior year restatements that go right back. It was incredible that the whole financial records that investors had made their decisions on had to be changed. The scale of them was fairly enormous.’ Any legal challenge is likely to focus on Terry’s role at the helm of the firm. As well as making £16million selling shares before and after leaving, Terry also received £1.5million in redundancy pay and saw £406,000 handed to family members including his wife. |
Posted at 07/8/2015 22:12 by soul limbo Another prime example of small investors getting toasted is the recent Slater & Gordon share issue to fund its $1.2 billion takeover of the Professional Services Division of Quindell Plc. It did offer all shareholders equal pro-rata access to the new scrip but its rapid-fire book build for a 2-for-3 rights issue at $6.37 a share gave special benefits to those who got in early.The institutional book build was done in the 24 hours after the deal was announced on March 30. The institutions and privileged management who declined to take up their stock were able to sell at a share price of $7.08, the theoretical ex-rights price, when the stock was trading at $7.85. They could pocket the difference. Retail investors, however, were allowed to take up their shares between April 9 and April 20. But by April 20, the stock had fallen to $6.54. There was a small profit on the initial purchase but hardly the same as those available to institutional investors. The credibility of law firm Slater & Gordon now rests on its ability to convince the market that its due diligence on a $1.2billion acquisition in the United Kingdom was bulletproof. There is a sense of urgency to that task now that Quindell Plc has published accounts showing that the business Slater & Gordon purchased in May was losing money and had negative net tangible assets. One way a business can go from being worth $1.2 billion to nothing in the space of three months is if there is a more conservative treatment of the recognition of its revenue and expenses. FROM ONE EXTREME TO ANOTHER That's exactly what happened at Quindell. Under the guidance of a new board of directors, a new auditor in KPMG and with advice from another accounting firm PwC, Quindell has gone from one accounting extreme to another. This would not be possible if Quindell was making and selling widgets. But because it is a professional services firm it can pick and choose how aggressively it recognises the revenue from thousands of personal injury legal cases. The Quindell Professional Services Division sold to Slater & Gordon was particularly aggressive in its recognition of revenue from thousands of legacy hearing-loss cases. This segment of the business was called NIHL. Slater & Gordon's due diligence uncovered the games Quindell was playing with NIHL. It was so concerned it decided to remove all revenue and expenses related to NIHL to get a clear view of the core PSD performance. It also said it had "better aligned non-NIHL Legal Services revenue recognition with Slater & Gordon's approach of using evidence based milestones and other accounting adjustments". There are varying levels of conservatism in the accounting used by professional services firms. But none would go as far as the new board of Quindell has done. It not only abandoned the aggressive recognition of revenue from cases with minimal settlement experience, it went as far as to adopt cash accrual accounting. That put an end to the Quindell double whammy of recognising profits early and, as far as possible, deferring expenses to a later date. Quindell's new board said: "Revenues and profits are now recognised, in the majority of cases, when liability is admitted by the at-fault insurer. "Related costs are expensed as incurred, specifically marketing costs which had previously been deferred and expensed only as cases reported revenues and profits. "Admission of liability is now generally considered to be at settlement of the case and is typically followed shortly thereafter by the invoicing and receipt of cash." CONSERVATISM QUASHES RECOGNITION OF VALUE Of course, this conservatism virtually denies any opportunity to recognise the value of work in progress, which has been an important feature of Slater & Gordon's success. In fact, it was a surge in work in progress at Quindell in the last few months of 2014 that prompted Slater & Gordon to upgrade its profit estimates for the Professional Services Division. It annualised the case numbers for September to November 2014 and said that with 93,660 new cases and 77,831 settlements, the pro-forma adjusted earnings were £86 million. But when you included the 50 per cent earnout agreement in place with Quindell on 53,000 legacy NIHL files, the 2016 estimated earnings rose to £95million. That number would mean 41 per cent earnings accretion from the transaction, which was well up on the 30 per cent accretion embedded in the £86 million earnings estimate. Slater & Gordon's credibility and that of its chief executive Andrew Grech will stand or fall on the delivery of these numbers. Achieving the forecast numbers will be a testament to the quality of its due diligence on Quindell. Other reputations will be riding on the back of Slater & Gordon's credibility test. Investment banking advisers on the deal were global independent investment bank Greenhill. Accounting firm EY reviewed the quality of Quindell's earnings and its revenue and acquisition cost recognition polices "to ensure they were aligned with Slater & Gordon's more conservative approach". The other big names with their reputations on the line are Macquarie and Citi. They underwrote the $890million rights issue, which was snapped up by investors and used to fund the bulk of the purchase price. The remaining $375 million came from bank borrowings. |
Posted at 27/7/2015 17:22 by juicin drumroll Good news!Nothing to worry about, everything is good! HTTPS://qppsag.wordp Quindell Shareholder Action Group meets new BOD of Quindell On the 24th of July Quindell Shareholders Action Group (QSAG) met with the new board of directors of Quindell PLC. QSAG represents a group of circa 1,000 private investors with circa 10% shareholding in Quindell. QSAG representatives came away from the meeting with five key observations – 1. QSAG was impressed by the professionalism and pedigree of the new board of directors, all of whom have a history of delivering results and successfully steering companies through difficult times. 2. Prior to the meeting QSAG members were, understandably, very concerned about the delay in issuing the 2014 accounts, which led to the company’s shares being suspended from trading. QSAG is satisfied that the root and branch review of the accounts, including past merger and acquisition activity, is time well spent and is in the best interests of all shareholders and will allow the company to trade forward from a credible base, with impeccable corporate governance. 3. QSAG’s representatives came away from the meeting assured that the BOD is fully committed to maximising shareholder value. The sale of Quindell Legal Services, although not popular with all shareholders, has enabled all debt to be paid down and has provided a substantial cash sum to operate and invest in the retained technology businesses, in addition to the promised return of circa £500M to shareholders. Further cash inflows are also anticipated from the outstanding NIHL claims transferred to Slater & Gordon and the disposal of non-core businesses. 4. We understand a top quality CEO will be announced in the coming weeks. QSAG see this as the final key executive appointment required to successfully drive forward the ongoing technology businesses. 5. We understand there has been talk of a class action against the company by some Quindell private investors or ex-investors, who have lost money on their investment. QSAG’s view is that such action is unlikely to succeed, and detrimental to shareholder value. In conclusion, QSAG is reassured that the company has made significant progress in addressing the historic accounting issues and in restructuring the company. With new, key Executives in place, we believe the company is poised to fully exploit the opportunities offered in its refocussed technology business. ENDS To join QSAG visit hxxp://www.BlueShare |
Posted at 14/6/2015 11:53 by squire007 Directors talkQuindell,there isn’t even a CEO in place ......... YET .. lol Sat Jun 13, 2015 4:10 pm Quindell, there’s a good argument that what’s left after its Professional Services Division was sold to Slater and Gordon is seriously undervalued, and that the shares could be a screaming bargain now. In fact, once you deduct the cash being handed back to shareholders from Quindell’s market cap, there’s really no extra value attributed to the company itself. The problem with that is there’s no business strategy to examine right now and there isn’t even a CEO in place — and I certainly wouldn’t buy an unknown company on a blind hope, however cheap it might seem. Quindell (LSE: QPP) has been an astonishingly strong performer, with it racking up gains of 226% since the turn of the year. Of course, that comes after a disastrous 2014, when 85% was wiped off its valuation, with corporate governance issues and rumours of aggressive accounting hurting investor sentiment. However, with a new management team at the helm, the market appears to be warming to Quindell and, looking ahead, could it be a surprisingly strong performer? The Remains Of course, Quindell is a very different beast to the company that was in existence even six months ago. As mentioned, it has a new management team that includes individuals with excellent reputations and, while it is currently seeking a new CEO, it appears to be ready to make a clean break with its past and transform itself into a different kind of business. A key part of this strategy has entailed the sale of its professional services division, with the majority of the cash expected to be returned to the company’s investors. As such, Quindell is a mix of relatively small businesses (compared to the professional services division) and, looking ahead, it seems likely to concentrate on its telematics and technology divisions, which themselves were rumoured to be bid targets in recent months. Rebuilding Confidence Clearly, Quindell has not yet restored confidence in its business among all investors. This is perhaps understandable, since the director share sales, corporate governance issues and concerns surrounding its accounting practices (which were aggressive, but acceptable) left a cloud under the business. On the plus side for Quindell, though, is the fact that investors can be very forgiving if the financial performance of a company improves. So, if Quindell’s new management team can start to generate a strong return then it is likely that the market will warm to the company in a relatively short space of time. Future Strategy The difficulty, though, is that the investment case for Quindell is very opaque. In other words, the company has no CEO, has just sold off its major division, has a questionable track record when it comes to corporate governance, and its strategy appears to be undecided at the present time. Clearly, this is a company that is experiencing a major transition in a very short space of time and, while the new board appears to be doing all of the right things, it seems to be a little premature to invest in the company – especially when the exact products and services it will supply are yet to be set out in stone. Surprising Performance However, this does not mean that Quindell will fail to surprise us. On the contrary, Quindell could very well deliver stunning share price growth in future and put its ‘annus horibilis’ behind it. It could focus on telematics and technology, bring in a superb CEO and rebuild investor confidence through a rising share price. |
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