COPENHAGEN, July 31 Shares in Pandora
fell on Thursday after investors sued for
compensation over a profit warning in 2011 that is already being
investigated by the Danish public prosecutor for serious
The August 2011 profit warning prompted a 65 percent drop in
the jewellery maker's shares on the day, slashing its market
capitalisation by 12 billion Danish crowns ($2.2 billion). The
company had only listed in October 2010.
On Thursday, shares lost as much as 6.3 percent. A group of
36 Danish and international investors, represented by Belgian
law firm Deminor, said Pandora should have reacted to internal
sales figures earlier.
"Our clients think the profit warning had been issued too
late and therefore the (share) purchases they made in a certain
time frame preceding the profit warning were made on the basis
of inflated prices," Deminor partner Erik Bomans told Reuters.
Pandora confirmed in an email to Reuters the company had
been sued but declined further comment.
($1 = 5.5663 Danish Crowns)
(Reporting by Teis Jensen; Editing by Sabina Zawadzki and David