Pioneer Credit (ASX:PNC) said that the Supreme Court of Western Australia, in a Thursday conference, ordered a directions hearing for July 31 regarding the company's ongoing legal claim against PricewaterhouseCoopers (PwC), according to a Friday filing with the Australian bourse.
The company claims PwC's 2017 advice to continue reporting the value of its purchased debt portfolios at fair value through profit or loss led to an estimated AU$27 million loss, with the claim exceeding AU$32 million, including interest, the filing said.
PwC did not immediately respond to a comment request from MT Newswires.
Pioneer Credit's shares fell almost 2% in recent Friday trade.
Price (AUD): $0.44, Change: $-0.0070, Percent Change: -1.57%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.