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CORRECTED-Australia's QBE faces shareholders class action over profit warning
April 1, 2014 / 11:08 PM / in 4 years

CORRECTED-Australia's QBE faces shareholders class action over profit warning

(Corrects “had filed” to “intended to file” class action in the second paragraph)

SYDNEY, April 2 (Reuters) - Australia’s QBE Insurance Group Ltd is facing a class action lawsuit from shareholders over its profit downgrade made late last year, which will weigh on the insurer’s annual general meeting due on Wednesday.

Law firm Maurice Blackburn said on Wednesday it intended to file a class action against QBE over its profit downgrade for the fiscal year 2013, asking shareholders to join in the lawsuit.

QBE said on Dec. 9 it expected to post a $250 million net loss for the year due to writedowns and unexpectedly large claims after weak crop prices hit its U.S. operations. (Reporting by Maggie Lu Yueyang; Editing by Paul Tait)

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