Feltex defendants knew of sales shortfall before IPO allotment, plaintiff says

Tue, 03 Jun 2014

By Jonathan Underhill Jun. 3 (BusinessDesk) - Defendants in the Feltex Carpets case knew sales were behind prospectus forecasts and should have halted the sale before shares were allotted in the failed company's 2004 initial public offering, the lawyer for plaintiff Eric Houghton said in closing submissions. Austin Forbes QC told the High Court at Wellington that defendants who attended Feltex's so-called due diligence "bring down", or final, meeting in early June, 2004, knew or had the information available that sales were behind year-ea...

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