Legal action against Burford Capital withdrawn: Litigation funder said two new non-executives will be unveiled
Burford has been under pressure after short-seller Muddy Waters questioned its corporate governance and accounts
Legal action against litigation funder Burford Capital over allegations of irregular accounting practices has been withdrawn.
Burford has been under pressure after short-seller Muddy Waters questioned its corporate governance and accounts in a scathing report, prompting it to agree to a major overhaul of its boardroom and to improve accountability.
Yesterday Burford said: ‘The US securities class action against Burford filed in August 2019 has been withdrawn and dismissed in its entirety.’
The company said two new non-executives will be unveiled ahead of the annual shareholder meeting in May, and a listing in the US.
It said: ‘Burford is now ready to undertake the formal process of seeking a US listing. Ordinary shares would trade on both the US exchange and LSE AIM.’
Burford’s value has grown from £80million in 2009 to £3billion. Shares rose 2.3 per cent, or 16p, to 700p.