Wembley builders hit by shareholder lawsuit
Builders - 18/12/2006 15:46:30
The firm of builders involved in the construction of the new Wembley stadium is to be sued by its shareholders, according to the Sydney Morning Herald.
Multiplex is reportedly facing a AUS $100 million (£40 million) class action lodged by law firm Maurice Blackburn Cashman on behalf of the firm's shareholders.
They claim that the builders firm failed to keep them up-to-date on developments with the project and problems it had in completing the job.
Andrew Watson, head of Maurice Blackburn Cashman, said: "Multiplex knew of delays and cost overruns at Wembley but didn't reveal those to the market.
"When they were revealed to the market, the share price plummeted and investors suffered substantial losses."
Wembley was scheduled to re-open in 2005 but has now been given a provisional date of spring 2007, although this still relies on the ground passing stringent safety checks.
Last week, engineers revealed that they had had to dramatically decrease the speed at which the stadiums retractable roof operated due to safety fears. Designed to move into position in just 15 minutes, it is now set to take nearly an hour to cover the pitch.
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