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Big Four accounting and consulting firm KPMG is being accused of providing misleading advice to the board of failed junior miner Discovery Metals by inflating the value of the company’s principal asset by as much as 40 per cent.
In a draft statement of claim, obtained by The Australian Financial Review, class action shareholders will allege KPMG gave misleading advice to the Discovery Metals board over a joint venture’s off-market takeover offer in October 2012 to buy shares at $1.70 per share. At the time a Discovery Metals share was worth $1.65.
Read the full article on the Australian Financial Review.