While Vocus May face class action

May face class action: While Vocus’ stock edged a little higher on September 14, 2017, the group has gained some attention with the news that the law firm, Slater and Gordon, has proposed for a class action against it on the allegations relating to Vocus being engaged in ‘misleading and deceptive conduct’ and breached its disclosure obligations with respect to FY17 guidance. It has been particularly alleged that Vocus had no reasonable grounds for its original 2017 guidance of November 2016, which was downgraded in May. VOC had reported net profit after tax (NPAT) which was $152.3 million below the company’s guidance, as stated in its August’s result update. This was reasoned out on the back of integration of M2, Amcom and Nextgen Networks businesses and tougher market conditions. The lack of proper disclosure is said to have led the shares trade at higher prices during the period. Slater in partnership with the funding-service provider, Investor Claim Partner (ICP), has proposed this class action, which is said to be brought on behalf of investors who purchased Vocus shares between November 29, 2016 and May 2, 2017.

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