Innsworth funds shareholder litigation and anti-trust litigation. We also fund commercial litigation and arbitration claims.

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Proposed Shareholder Action Against Steinhoff International Holdings N.V.

Innsworth is contemplating funding proceedings against Steinhoff International Holdings N.V. (Steinhoff) on behalf of shareholders who acquired shares in the indicative period 7 December 2015 to 6 December 2017.
Steinhoff is a global retailer that is traded on the Frankfurt Stock Exchange (ISIN NL0011375019).
The grounds of the proposed litigation are expected to be that Steinhoff allegedly overstated its assets and/or issued false and misleading statements and/or failed to disclose material information regarding Steinhoff’s financial performance and prospects.
By an ad hoc announcement published on 6 December 2017, Steinhoff informed the capital markets of the resignation of its CEO Markus Jooste with immediate effect and that information in relation to accounting irregularities had come to light. At the same time Steinhoff announced to postpone publication of audited 2017 consolidated financial statements and to determine whether any prior years’ financial statements would need to be restated.
On Thursday 7 December 2017 Steinhoff issued a follow up press release. This release revealed further uncertainty about the financial position of Steinhoff and its subsidiaries, in particular since questions were raised about the validity and recoverability of certain non-South African assets of the company amounting to circa EUR6 billion.
On 14 December 2017 Steinhoff subsequently announced that "the Company, on the advice of the independent committee of the Supervisory Board, has today formed the view that issues concerning the validity and recoverability of certain Steinhoff Europe balance sheet assets under scrutiny in the 2017 audit work, are also relevant to the 2016 consolidated financial statements. Therefore, the Company announces that, based on section 2:362 (6) of the Dutch Civil Code, the 2016 consolidated financial statements will need to be restated and can no longer be relied upon".
The extent of Steinhoff’s share price fall has been 80%, from a price in excess of EUR 3 to less than EUR 0.5.
Shareholders who acquired shares between 7 December 2015 and 6 December 2017 should contact Innsworth at Client.Operations@innsworth.com.
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