Shares in Slater and Gordon were sold down hard again today after another law firm, Shine, issued a profit warning.
Shine Lawyers says it expected a “material reduction” in its full year to 2016 earnings guidance. The personal injury law firm is in a trading halt as it completes a review of its operations.
Shares in Slater and Gordon, which abandoned its profit guidance after problems with its UK business, dropped 9.6% to close at $0.565.
The law firm lost $2 billion in market capitalisation in 2015 and hundreds of millions since the British government in November announced proposals to limit compensation for road accidents. Its market value is now just under $202 million.