Feltex defence lawyers argue ‘rigorous’ due diligence went into 2004 prospectus

Thu, 10 Apr 2014

April 10 (BusinessDesk) - Lawyers for directors in the Feltex Carpets shareholder lawsuit have argued their clients went through a rigorous process of due diligence in preparing the prospectus for the failed company’s 2004 share sale. Alan Galbraith, on behalf of counsel for six of the seven directors, denied some 61 principal allegations and 80 related particulars in the lawsuit of Eric Houghton, who is suing former directors, owners and sale managers for $185 million on behalf of 3,639 former shareholders who say they were misled by the 2004...

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