and here comes the lawsuit...thanks s&g

http://www.theaustralian.com.au/business/breaking-news/slater-gordon-considers-hastie-action/story-e6frg90f-1226559486105

LAW firm Slater & Gordon is investigating potential claims from investors in the collapsed engineering conglomerate Hastie Group.

Hastie Group appointed administrators in May 2012 after talks with banks and new investors to extend its loans broke down when the company discovered an employee had been falsifying accounts.

The company was found to owe its bankers bankers $529.9 million, and other creditors about $100 million.

Slater & Gordon said on Tuesday that it had been approached by dozens of affected Hastie shareholders since the collapse of the group.

Commercial and project litigation lawyer Ben Hardwick said some of these investors were Hastie employees who had obtained shares through an employee share scheme.

The collapse of Hastie had cost them their jobs and their investments.

Mr Hardwick said Slater & Gordon had commenced an investigation into the potential claims available to investors to recover their losses.


"These include claims against Hasties' directors, auditor and professional advisors," Mr Hardwick said.

"In the course of its investigation, Slater & Gordon will seek to work with the administrators and any future liquidators of Hastie in order to advance the interests of Hastie's shareholders."