Former clients of Bell Potter Securities are set to launch a class action against the investment firm for recommending they buy stock in a share offer it was partly underwriting. Law firm Slater & Gordon says it will launch a 17.5 million dollar class action on behalf of 35 former clients. Slater & Gordon has alleged Bell Potter Securities advised clients to participate in a share offer by biotech company Progen Pharmaceuticals in 2006 and 2007 without disclosing its position as a partial underwriter. A statement of claim is expected to be lodged against Bell Potter in the federal court within three weeks. AAP RTV dmc/lk/ka
PGL Price at posting:
81.3¢ Sentiment: None Disclosure: Not Held
