TORONTO--(BUSINESS WIRE)--Morganti & Co., a professional corporation focused on representing shareholders with investments in international companies, has commenced an investigation into potential violations of securities laws by Steinhoff International Holdings N.V. (FSE and JSE: SNH) and certain of its past executives in connection with accounting irregularities and potential fraud by the Company and its former Chief Executive Officer, Markus Jooste.
On December 5, 2017 after its auditor Deloitte LLP refused to approve Steinhoff’s 2017 full-year financial results, the Company announced irregularities in its accounting and disclosed it was postponing releasing its audited 2017 financial statements. Steinhoff also announced that its CEO, Markus Jooste had resigned effective immediately.
On December 14, 2017, the Company announced that its 2016 consolidated financial statements required restatement and could no longer be relied upon.
On January 31, 2018, the Company’s acting-Chairman told South African lawmakers that Steinhoff had reported its former CEO Markus Jooste to South Africa’s police after the Company’s internal investigation resulted in enough evidence to suggest Mr. Jooste breached the country’s anti-corruption laws.
The price of Steinhoff’s shares dropped over 85% on both the Frankfurt and Johannesburg Stock Exchanges between December 4, 2017 and January 31, 2018 as a result of these revelations.
Canadian-based investors that purchased Steinhoff International Holdings N.V.’s securities between December 7, 2015 - December 6, 2017 are encouraged to contact Morganti & Co. at (248) 787-6078 or by email at email@example.com for further information.
None of the allegations have been adjudicated in court at this time.
Morganti & Co. is comprised of experienced securities lawyers that investigate, litigate and resolve economic and financial disputes. You may learn more about Morganti & Co. at www.morgantico.com. The Firm currently represents investors that purchased securities of Amaya Inc., Barkerville Gold Mines Ltd., BP plc, Colt Resources Inc., Concordia International Corp., Endo International plc, Goldcorp Inc., Ithaca Energy Ltd., MDC Partners Inc., Nobilis Health Corp., Pretium Resources Inc., and Volkswagen A.G.
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