Myer shares plunged by 15% today, following news the department store has seen a 4.8% sales fall for the first quarter.
Myer was forced into a trading halt on Friday, following suggestions it may have breached disclosure rules by failing to detail the full extent of its sales decline.
Following the announcement of its first quarter hit, which also included a 4.3% decline on a comparable store basis, shares fell to 37.89 cents from 45 cents prior to the halt.
Myer shareholder Solomon Lew has called for the Myer Board to be voted out at the AGM on November 30.
"A sales drop of 4.8 per cent is something that even Father Christmas can't turn around," he said.