Shares in law firm Slater and Gordon have plummeted another 21 per cent as investors dump the stock over problems with its accounts.
The company on Monday shocked the market with the admission it had made mistakes in the reporting of revenue from its UK business going back to the 2011/12 financial year.
Slater and Gordon, the first publicly listed law firm in the world, says it found the mistakes as part of a detailed analysis of its financial information, which will be provided to the Australian Securities and Investments Commission (ASIC).
Its shares had dropped $1.14, or 22.6 per cent to $3.90, their lowest level since late 2013, as of 1131 AEST.
The company's share price has more than halved since April.
The stock dived 20 per cent last Thursday as UK authorities launched an inquiry into the accounts of Quindell, which sold its professional services division to Slater and Gordon for $1.2 billion in March.
The company launched the analysis after ASIC confirmed it had questions to raise directly with the law firm as part of its review of Pitcher Partner's auditing of its accounts.
In a statement on Monday, Slater and Gordon said that it's UK operations reported receipts from customers on a gross, rather than net, basis from the 2011/12 financial year to the end of the first half of the 2013/14 financial year.
It also said the UK's value-added tax was included twice in customers receipts in its financial statements in June and December 2014.
However, the company said the mistakes had no effect on net cash results for the division.
Meanwhile, Slater and Gordon again stressed that it was confident it had no liabilities relating to the Quindell acquisition.
News UK authorities have launched an inquiry into Quindell's 2013 and 2014 financial accounts, saw Slater and Gordon shares dive 17.5 per cent on Thursday.
But the company says that because it did not acquire Quindell or any of its stock it does not believe it can be held liable for any possible adverse findings from the inquiry.
Share
