12th May 2023 11:05
(Alliance News) - Watchstone Group PLC said that the High Court dismissed its claim against PricewaterhouseCoopers LLP, adding that it is considering to appeal the judgment.
Watchstone shares fell 15% to 17.00 pence each in London on Friday morning.
Watchstone is a cash shell with remaining assets comprising litigation assets, contingent liabilities and cash.
"Watchstone is disappointed with the outcome of the case and is currently considering whether to appeal the judgment. The company's management and legal advisers will consider the judgment and determine the appropriate course of action," the company said.
Watchstone will make further announcements in due course, as appropriate.
In August 2020, Watchstone had filed a GBP63 million claim against professional services firm PwC, alleging breach of contract and conspiracy. It alleged that PwC unlawfully disclosed confidential information pertaining to Watchstone to New York-based investment bank Greenhill & Co Inc. This information was then allegedly factored into Slater & Gordon UK 1 Ltd's tactics and strategy for negotiations, leading to Watchstone's GBP637 million disposal of its Professional Services division in 2015 to Slater & Gordon UK 1, a consumer law firm in Britain.
Watchstone in 2021 had also filed a GBP13.7 million claim against its former auditor KPMG International Ltd, which is not expected to begin before 2024. Its Canadian subsidiary's claim against Aviva Canada is expected to go on trial in January 2024.
By Tom Budszus, Alliance News reporter
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