A New Dawn, page-633

I'd say it's apples and oranges. Newcrest breached some kind of confidentiality by releasing a draft version mistakenly, creating a false market.

Slaters SHOULD have readjusted their guidance and sentiment for their results but guidance is protected by safe harbor and the reality is they truly wouldn't know the extent of their accounts until the end of the HY, so maybe they were thinking 'lets not create a panic' or 'maybe we can clean this mess up in the next few months' I don't know.


Different industries use different accounting standards and valuations and as they were the first listed law firm it was all very cowboy, as you highlighted Morning Star have a lot to answer for too.

All of this would have been compounded by their no-win/no-fee business model, changes in UK law, the acquisition write down, and necessary change of accounting methods during that period. It really was a perfect storm.