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Reuters

Australia's Litigation Capital to fund shareholder class action against Quintis

(Reuters) - Australia's Litigation Capital Management will fund a shareholder class-action against sandalwood distributor Quintis Ltd as well as its auditor Ernst & Young, Litigation said in a statement to the Australian bourse on Friday.

The claim alleges that financial reports of 2015 and 2016 significantly over-stated the value of Quintis’ assets and the amount of Quintis’ profits in those years.

The class-action commenced on Friday in Sydney in the Federal Court of Australia.

(Reporting by Sumeet Gaikwad in Bengaluru; Editing by Muralikumar Anantharaman)

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