21 Dec 2006
Wembley woes deepen for Multiplex
The beleaguered Australian construction firm Multiplex has suffered another setback as part of the fallout from the troubled Wembley stadium project. The company is facing a AUS$100m (£40m) class action brought about by shareholders who claim that Multiplex bosses knew that the project was falling behind schedule and incurring overrun costs, but failed to make the information public.
The class action is being served on behalf of 45 investors, ranging from large institutions to small shareholders, by legal firm Maurice Blackburn Cashman.
The news comes after Multiplex announced that it had been instructed by an Australian market regulator to establish a AUS$32m (£12.8m) compensation fund for investors who bought shares without knowing the extent of the company's problems at Wembley.
* Michael Cunnah, the chief executive of Wembley National Stadium Ltd (WNSL), was sacked by the FA last week following several months of being on the sidelines.
During his tenure, WNSL's relationship with Multiplex deteriorated as the costs escalated, and emergency conciliatory talks which were held between the two parties did not include Cunnah.
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