Slater and Gordon shares are getting smashed

Roberto Serra/Iguana Press/Getty Images

Investors are selling down Slater and Gordon shares after reports ASIC, the corporate watchdog, is looking at the long standing relationship the law firm has with auditor Pitcher Partners.

In a statement, the company said neither it nor Pitcher Partners has received from ASIC any targeted inquiries in relation to the accounting practices.

Today Slater and Gordon shares are trading at $5.08, almost 16% weaker.

In March Slater and Gordon announced it was buying UK professional services firm Quindell for $1.3 billion.

Since then trading in Quindell was suspended after the UK’s Financial Conduct Authority started investigating the company’s books.

Slater And Gordon said the investigation relates to historical statements made by Quindell during 2013 and 2014.

“Slater and Gordon is confident that it has no liability in relation to the ongoing investigations relating to Quindell,” it said.

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