Lawyer Philip Rubens, from the firm Teacher Stern, is canvassing institutional shareholders and claims to be on the verge of securing third-party funding.

He is aiming to make a claim against the AIM-listed firm for losses endured by shareholders after it announced the discovery of “significant, and potentially fraudulent, accounting irregularities” earlier this month.

Rubens, head of financial services litigation at Teacher Stern, said he had received interest from several institutional shareholders, and also expected to hear from retail investors who had taken shares in the company for tax avoidance purposes.

He said it was difficult to speculate on the outcome at this stage, but said he believed press reports showed that investors had been “misled”.

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