A second open class action lawsuit has been filed against embattled apparel etailer Surfstich, following the announcement shareholders were seeking an extraordinary meeting.
Gadens Solicitors have threatened to commence a second suit against the company on the same grounds as the previously announced class action, filed by law firm Quinn Emanuel last month.
The suit pertains to the initial float of SurfStitch in 2014 and the manner in which its affairs have been conducted since, this includes sufficiency of disclosure by the company during that time.
Gadens has also stated it will investigate whether SurfStitch complied with its continuous disclosure obligations and properly kept the market informed of matters affecting its share price or value.
Troubles continue to mount for the etailer, with 5% shareholder Crown Financial requesting an extraordinary general meeting this week.
Crown Financial have indicated the purpose of the meeting will be to oust current director Samuel Scott Weiss, with immediate effect.
SurfStitch, who are also in the midst of a three month trade suspension, have stated they will update the market shortly.