A law firm is canvassing Patisserie Valerie investors in the hope of launching legal action following the discovery of a near-£40m hole in the cafe chain’s books.
Teacher Stern wants to pursue the former AIM darling for losses endured by shareholders when Patisserie Valerie announced that the board had been “notified of significant, and potentially fraudulent, accounting irregularities”.
The shares, which had risen from 170p to 429.5p over four and a half years, were suspended while experts from PwC investigated irregularities in its accounts. Chris Marsh, the company’s finance director, was suspended and then arrested before being released on bail.
