Feltex shareholder says Appeal Court wrong to rule sales forecasts not 'material'

Tue, 05 Sep 2017

By Jonathan Underhill Sept. 5 (BusinessDesk) - Former Feltex Carpets shareholder Eric Houghton says the Court of Appeal was wrong in finding two months of sales that were about 20 percent below forecast didn't amount to "material" information that should have been provided to investors in its 2004 initial public offering. Houghton's lawyer, Colin Carruthers QC, was setting out his appeal in the Supreme Court in Wellington. In 2014, Houghton lost a representative action on behalf of 3,639 former shareholders of the failed carpet-maker seek...

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