Feltex prospectus ‘woefully failed’ to disclose risks, shareholders’ lawyer says

Mon, 17 Mar 2014

March 17 (BusinessDesk) – Feltex Carpets was touted as having excellent investment features when the carpet-maker was taken public in 2004 but its prospectus failed to disclose risks that contributed to its collapse just two years later, a shareholder suit alleges. Eric Houghton is suing the former Feltex directors, owners and sale managers in a representative action on behalf of 3,639 former shareholders who say they were misled by the prospectus. The action began in the Wellington High Court today. The suit seeks $185 million including inter...

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