It has taken more than five years for investors in failed online retailer SurfStitch to get a resolution to a class action which resulted in a return of about 1.5¢ on the dollar for some shareholders.
In what has been an extremely complex process, investors were pursuing class actions relating to the surfwear retailer’s financial statements before its collapse in 2016, despite voting in favour of a Deed of Company Arrangement (DOCA).
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
