Australia's Netwealth hits multi-year low after class action over First Guardian options
25/09/2026 01:43
BUZZ-Australia's Netwealth hits multi-year low after class action over First Guardian options ** Shares of Australia's Netwealth Group NWL.AX fall as much as 4.6% to A$17.68, their lowest level since February 19, 2024
** Stock move marks biggest intraday pct loss since September 10
** Financial services firm says two units have been served with a statement of claim for a class action related to the offering and monitoring of certain First Guardian investment options available through the Netwealth Superannuation Master Fund
** Says claim related to settlement with Australia's securities regulator, where co agreed to pay about A$101 million ($70.78 million)in compensation to affected customers
** Co adds that it will defend the claim
** Stock down more than 30% YTD
($1 = 1.4269 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
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