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E-commerce

Shareholder calls for removal of Surfstitch chairman

Struggling online retailer Surfstitch has acknowledged it received a notice of requisition from a major shareholder with a more than 5 per cent stake in the company to hold an extraordinary general meeting to vote on the removal of its chairman, Sam Weiss.

The shareholder, Crown Financial, has also taken legal action against Surfstitch related to a fallout over a content sharing deal.

The notice of requisition states:

“That, pursuant to section 203D of the Corporations Act, Samuel Scott Weiss be removed as a director of the Company with effect from the close of this extraordinary general meeting.” 

Surfstitch noted it will make further announcements in relation to this matter in due course.

The retailer is also facing a $100 million shareholder class action based on the allegation that it failed to tell shareholders it was trading at a loss and then tried to cover it up.

Shares have been suspended for at least three months following law firm Quinn Emanuel’s filing of the class action in Queensland’s Supreme Court last month.

The suspension is expected to last until the retailer releases its full-year results at the end of August, or when it settles the claim or concludes a settlement is unworkable or undesirable.

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