Two Financial Services Stocks Going Down – McMillan Shakespeare Ltd. & FlexiGroup Ltd.
Clarification on Australian Financial Review Article: McMillan Shakespeare Limited (ASX: MMS) has given clarification regarding a potential class action being prepared by a Sydney law firm. The company understands that the nature of the potential claim may be based on allegations in relation to a warranty product business operated by Davantage Pty Ltd (trading as National Warranty Company). The company further asserted that the potential claims against Davantage under the class action may amount to $80 million, and claim is alleged to relate to the period from 2011 to 2015. Davantage was registered as a company in 2013 and acquired the warranty product business trading as “National Warranty Company” in June 2013, and Davantage is a subsidiary of Presidian Holdings Pty Ltd. Presidian Holdings Pty Ltd was acquired by the MMS Group in February 2015. The stock has fallen 6.2% on 19 June 2017, owing to potential class action news, however it was up 35.5% in the past six months.
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