Country for PR: Japan
Contributor: AAP Medianet International
Wednesday, January 31 2018 - 18:30
AsiaNet
Litigation Heavyweights Announce Lawsuit On Behalf Of Steinhoff Shareholders; Claim To Include Deloitte As Co-Defendants
DUBLIN, Ireland, 31 Jan. 2018 /Medianet International-AsiaNet/ --

BarentsKrans, one of Europe's leading mass litigation law firms, is 
commencing legal proceedings on behalf of aggrieved shareholders of Steinhoff 
International Holdings N.V. with the claim to include accountants Deloitte as 
co-defendants.

The BarentsKrans claim will be conducted in the Netherlands with Steinhoff 
shareholders from all over the world eligible to participate. It follows 
announcements by Steinhoff in December last year that its accounts would need 
to be restated, resulting in the share price plummeting by more than 80 per 
cent.

Shareholders who acquired shares in Steinhoff or its predecessor entity 
Steinhoff International Holdings Limited between 26 June 2013 and 6 December 
2017 can now register to participate in the case at 
http://claimsfundingeurope.eu/projects/steinhoff/

The case will be funded by Claims Funding Europe, a joint venture company 
established in 2012 by Maurice Blackburn Lawyers (Australia's most successful 
plaintiff class action law firm) and the Singapore-based funding firm 
International Litigation Funding Partners. Claims Funding Europe is currently 
funding some of the largest class actions in the world.

In addition to being directed at Steinhoff, based on current investigations 
there are also grounds for including Deloitte as a defendant in the case. For 
many years Deloitte has been responsible for auditing the financial statements 
of Steinhoff and its predecessor entity, Steinhoff International Holdings 
Limited.

Martin Hyde, director of Claims Funding Europe said: "For years Steinhoff 
shareholders were misled about the true financial position of the company and 
vital information was withheld from the market. The resulting losses suffered 
by shareholders were enormous and investors who suffered loss are entitled to 
compensation. From individual shareholders to large pension funds, it is time 
for aggrieved Steinhoff investors to make a stand."

Jan-Willem de Jong, lawyer at BarentsKrans said: "The market was completely 
caught by surprise, which is underlined by the steep decline of Steinhoff's 
share price. It is clear that investors have been harmed in a significant way 
and now it's time for them to seek compensation."

Background

On 6 December 2017 Steinhoff announced that information concerning 'accounting 
irregularities requiring further investigation' had come to the attention of 
its Supervisory Board and that its CEO Markus Jooste had resigned with 
immediate effect.

On 13 December 2017 Steinhoff announced that its 2016 accounts will need to be 
restated. On 2 January 2018, Steinhoff confirmed that the 2015 and 2016 
accounts of its predecessor entity, Steinhoff International Holdings Limited, 
will also need to be restated and that "the restatement of the financial 
statements of Steinhoff International Holdings Limited for years prior to 2015 
is likely to be required".

Following the announcement dated 5 December 2017 and subsequent announcements, 
the share price of Steinhoff has plummeted by more than 80 per cent.

Shareholders who acquired the shares in Steinhoff (or its predecessor entity) 
between 26 June 2013 and 6 December 2017 who wish to claim damages for their 
losses are encouraged to contact Claims Funding Europe at 
steinhoff@claimsfundingeurope.eu

Criminal, regulatory and parliamentary investigations into Steinhoff are 
ongoing in a number of jurisdictions. Subject to the outcome of these 
investigations and further information being released by Steinhoff, the scope 
and relevant period for the case may be extended or modified.


ENDS

Claims Funding Europe and BarentsKrans are available for further comment:

Martin Hyde, Director, Claims Funding Europe:
mhyde@claimsfundingeurope.eu
Tel: +353 1775 9506 or (m) +353 87 1499877

Jan-Willem de Jong, Lawyer, BarentsKrans
janwillem.dejong@barentskrans.nl
Tel: +31 70 3760698

SOURE: Claims Funding Europe