Australia’s Slater & Gordon has seen its share price nearly cut in half since news broke late last month that U.K. regulators were investigating its most recent acquisition target while also admitting to accounting errors of its own.
The first catalyst was a June 24 announcement from British insurance claims processor Quindell Plc., which sold its Professional Services Division to Slater in March for $947 million, that the U.K.’s Financial Conduct Authority was looking into its accounting practices from 2013 and 2014. Five days later, Slater admitted that in the process of responding to inquiries from the Australian Securities and Investment Commission it discovered errors in its reported historical U.K. cash flows between 2012 and 2014.
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