Myer sued by shareholder over surprise profit slump

Myer confirms that it has been issued with a writ from a shareholder alleging loss over the firm's surprisingly bad profit result.

The company said that the lawsuit relates comments made at its 2014 full-year results briefing on September 11, 2014 about the retailer's 2015 financial year outlook.
The department store operator also effectively reaffirmed that previous guidance when it announced that Richard Umbers would take over from Bernie Brookes as chief executive.
However, just a fortnight later, Myer announced a 23.1 per cent slide in first-half profit that was around twice as large as most analysts had expected.
Myer shares fell almost 13 per cent at some points during the day when its profit results were released.
Portfolio Law has filed a writ against Myer on behalf of Melbourne City Investments, run by Melbourne lawyer Mark Elliott, which alleges it suffered loss and damage resulting from the company's statement.
Myer said it will vigorously defend the litigation.
The company's shares were down 8 cents, or 5.7 per cent, to $1.335 by 11:52am (AEDT), although much of the fall is due to Myer shares trading without rights to its latest 7 cents per share dividend.
More to come.