Billabong International has been notified that a shareholder class action suit is being filed against the company in the Federal Court of Australia.
The suit focuses on market disclosures in 2011, and the plaintiffs are people who acquired shares between February and December of that year. A previous management team was in charge at the time, led by former CEO Derek O’Neill.
In a statement, Billabong said it “wholly rejects and intends to vigorously defend the claim.”
“The Billabong board and management team remain resolutely focused on the ongoing turnaround of the company’s operations globally,” the statement said.
