EML faces lawsuit over Irish HQ issues - Australian law firm threatens class action in bid for compensation

How much does an #antimoneylaundering governance investigation cost a #fintech?

Previously noted that Australian EML doesn't expect a #moneylaundering compliance investigation (no allegation of money laundering) into one of its recently acquired Irish acquisitions (PFS Card Services Ireland Limited acquired in a deal worth up to €216.9m) to exceed AUD 2million / €1.27mn this Australian financial year which ends 30 June. However it cannot forecast the cost going into the next nor subsequent years. See https://lnkd.in/eg2cm82 (see previous blogs here).

Well, it looks likely the costs may go higher if a class action by Shine Lawyers begins to bite, with the Aussie law firm looking for investors who bought shares between December 19, 2020, and May 17, 2021, to join its class action.

The law firm says:  
* “EML did not request a trading halt for almost four days after learning of these concerns and then took another 48 hours to inform the market,” says Australian law firm

* “When shareholders invest their money into a company, they do so with the belief that that company will comply with its continuous disclosure obligations.

* “Our claim will allege that EML failed in its obligations, significantly impacting share prices for thousands of investors.”

Read more by Sean Pollock at https://lnkd.in/efTj2dU 

Linkedin Post - https://www.linkedin.com/posts/peteroakes_antimoneylaundering-fintech-moneylaundering-activity-6809752916379922432-wNal