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Shareholder sues Australian retail giant for stock losses

Xinhua, March 27, 2015 Adjust font size:

A shareholder of one of Australia' s biggest department stores is suing the company because it made a profit downgrade which made its shares fall.

Mark Elliott is suing Myer claiming unspecified losses relating to the retailer's recent profit downgrade.

Myer told the Australian Securities Exchange on Thursday that it had been served with legal proceedings.

The writ against Myer has been filed by Portfolio Law Pty Ltd on behalf of Melbourne City Investments, of which Elliott is a sole director.

Myer said in a statement MCI was suing over losses and damage said to have resulted from a statement made in the context of the company's full-year 2014 results.

The company has denied the claim and will defend the legal claim. Endi