The Feltex Carpets court saga has just become more complicated as the lead plaintiff goes uninsured while security for costs remains unpaid.
Eric Houghton, former investor at Feltex, started a class action on behalf of more than 3,000 former shareholders in the company. The $185 million claim is now at the valuation stage as the Supreme Court ruled last year that the company’s 2004 prospectus had a false statement that could lead to liability under the Securities Act.
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