Quinn Emanuel Urquhart & Sullivan has filed a class action lawsuit against Australian Securities Exchange-listed law firm Shine Corporate Ltd., accusing it of misleading investors with its financial disclosure.
In the lawsuit, Dodd v. Shine Corporate Ltd., filed by Quinn Emanuel in Queensland Supreme Court on behalf of representative plaintiff and fund manager Allen Dodd, Shine Corporate was blamed for a 73 percent drop in its share price on Jan. 29, 2016, after the firm cut its earnings forecast for the financial year ending June 30, 2016, by half—to $18.4 million (A$26 million) from $38 million (A$54 million).
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