Steinhoff International Holdings N.V.

Case Details

Jurisdiction:
South Africa / Netherlands

Case Summary

ISIN:

Ordinary Shares: NL0011375019

Preferred Shares: ZAE000068367

 

Relevant Period:

Shares bought or held through December 20, 2017 COB. 

 

Saxena White P.A. and Lieff Cabraser Heimann & Bernstein LLP have initiated international collective litigation efforts in the Netherlands against Steinhoff International Holdings N.V. (“Steinhoff”).  Steinhoff, a registered Dutch corporation, is one of the largest sellers of furniture and household goods in the world.  Since late 2017, Steinhoff has been embroiled in a massive accounting scandal. On December 5, 2017, the Company announced the immediate resignation of its Chief Executive Officer and the discovery of significant accounting irregularities. The Company’s shares plummeted 80% over the course of two trading days. As additional information regarding the accounting fraud has come to light—including restated financial statements, additional resignations of Steinhoff’s most senior officers and directors, and various regulatory and criminal investigations—the Company’s share price has continued to plunge, wiping out billions in shareholder value. Investors have thus suffered tremendous losses as a result of investing in Steinhoff securities.

Saxena White and Lieff Cabraser have established the Stichting Steinhoff Investor Losses (the “SSIL Foundation”), a Netherlands-based foundation, to actively protect the interests of investors who purchased and/or traded Steinhoff securities, and who suffered losses as a result of the fraudulent and misleading information in Steinhoff’s public filings and other unlawful acts perpetrated by Steinhoff, its high-ranking officers, and other affiliated third parties.  The SSIL Foundation represents the interests of harmed investors of Steinhoff securities, including common shares, preferred shares, derivative instruments, bonds and/or other securities issued by Steinhoff. 

Action Details

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