Australian law firm Slater & Gordon has said it is planning to bring a class action lawsuit against Billabong, an Australian clothing company. The firm claims that Billabong mislead and deceived investors — both Australian and international — when it provided guidance on its earnings in 2012.

Reuters reports that the company forecasted strong growth in 2011 for the 2012 financial year, but retracted that guidance months later. Upon retraction, Billabong declared that the 2012 financials would be significantly lower than predicted earlier, which sent its shares plummeting by over 50 percent.

Slater & Gordon will pursue Billabong in court — although the company has stated that it has not received any contact from the company — for misleading conduct in information disclosure. The firm's senior associate Odette McDonald stated in the official release from Slater & Gordon.