15th Feb 2019 10:17
LONDON (Alliance News) - Plus500 Ltd could have misled investors over losses from client trading, the Times reported on Friday.
In its 2017 annual results, the Times said, the company stated it had not suffered any losses from client trading activity.
However, it actually took a USD103 million hit, the newspaper continued, with Plus500 only discovering the error on Tuesday this week, the same day it issued a profit warning for 2019.
Plus500 told investors at a private meeting this week, the Times added, that the mistake was due to a "drafting error".
https://www.thetimes.co.uk/article/plus500-may-have-misled-shareholders-over-losses-n8cmxsrqw
Plus500 shares were down 13% on Friday at 911.59 pence each. The stock has lost 46% this week.
JPMorgan on Wednesday cut its stake below the 3% minimum threshold from 5.6%, Plus500 said Friday.
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