Australia's Mosaic Brands falls as competition regulator starts legal proceedings

Mosaic Brands

04/03/2024 24:33

** Shares of Mosaic Brands  MOZ.AX  fall as much as 5.1% to
A$0.14, their lowest since Feb 12
    ** Australia's competition watchdog starts proceedings in
federal court against MOZ, alleging co breached the Australian
Consumer Law 
    ** Australian Competition and Consumer Commission says co
breached law by failing to deliver several hundred thousand
products to customers within the advertised time-frames  
    ** Regulator alleges that co wrongly accepted payment for
goods during Sept 23, 2021 and March 31, 2022
    ** MOZ stock up 22.9% YTD, as of last close 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))