Australia's Booktopia slips on penalty charges of nearly $4 mln

Booktopia

10/03/2023 03:32

** Shares of Booktopia Group  BKG.AX  slip as much as 4.2%
to A$0.23, hitting its lowest since Jan. 23
    ** The online book retailer says the Federal Court has
ordered co to pay A$6 mln ($3.9 mln) in penalties for making
misleading representations on its website about consumer
guarantee rights
    ** Co acknowledges that the statements made on its website
were not correct and not consistent with Australian Consumer Law
    ** BKG is set to post second consecutive week of losses
    ** Stock has risen 20% so far this year, as of last close
    
    ($1 = 1.5211 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))