Steinhoff said the legal proceedings, which were suspended in October last year, would be further suspended until 15 May 2019.
JOHANNESBURG - Steinhoff said on Tuesday investors who were suing the company have agreed to extend the suspension of litigation by six weeks, allowing the crisis-hit retailer time to proceed with its investigations and restructuring.
The lawsuit, brought in the Netherlands, was aimed at compensating investors for the more than $16 billion wiped off Steinhoff’s market value ever since the retailer uncovered accounting irregularities last year. The lawsuit was brought by a collective group known as VEB/European Investors, Steinhoff. It claimed that certain financial statements, prospectus and press releases issued by the company were incorrect and misleading, the company said.
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