Aug 6 (Reuters) - Quindell Plc lost more than 221million pounds ($345 million) of its market value within hoursof the opening bell on Thursday, when shares of the troubledinsurance claims processor resumed trading after being suspendedsince June 24.
Once close to being one of London's bluechip companies,Quindell has fallen from grace in the last 16 months. Followingare details of some of the problems encountered by the company.
Key events:
April 2014-
Quindell rejects comments by short-seller Gotham CityResearch LLC that questioned its revenue model and profitquality. It also starts legal action against Gotham City. (http://link.reuters.com/waw68v) (http://reut.rs/1KSit8y)
June 2014-
The AIM-listed company says it does not meet requirementsfor a premium listing on the London Stock Exchange. Shares close20 percent lower. August 2014-
Quindell denies claims that its joint venture contract withUK road assistance firm RAC had run into problems. It alsorejects assertions raised in a blog on motivations drivingcertain acquisitions. (http://on.ft.com/1qKC9zR) (http://tinyurl.com/oqufzkp)
September 2014-
Quindell says it won a libel lawsuit against Gotham CityResearch LLP.
November 2014-
The stock touches its lowest since May 2013 afterclarifications over a share transfer agreement between thenChairman Robert Terry, two other directors and a third partydoes little to assuage investor concern.
Fidelity Management & Research Co halves its stake on Nov.11, a day after the company discloses details of the sharedealings.
Quindell announces resignation of its joint broker CanaccordGenuity on Nov. 17 even as Sky News reports Rob Terry would stepdown as chairman. A day later, Terry quits "disappointed andsorry".
On Nov. 19, the Telegraph reports that the London StockExchange was in the early stages of investigating Quindell's 19percent share slump on Nov. 17, without citing any sources.
Quindell denies it was looking to sell a stake in NationwideAccident Repair Services Plc on Nov. 20. The companyissues a one-sentence statement in reply to comment from bloggerTom Winnifrith that it was "desperate" to sell. (http://bit.ly/1xFj614).
December 2014-
The company says it has asked PwC to conduct an independentreview, encompassing Quindell's main accounting policies andexpectations as to cash generation into 2015.
January 2015-
The company hires retail veteran Richard Rose asnon-executive chairman and confirms it is in exclusive talkswith Australian law firm Slater & Gordon Ltd to sell anoperating unit.
February 2015-
Company says PwC's independent review was taking longer thanoriginally anticipated.
Quindell adds advice about its main accounting policies,particularly revenue recognition in professional servicesdivision, was being further considered and no conclusions hadbeen reached.
March 2015-
Slater & Gordon agrees to buy Quindell's professionalservices division for A$1.2 billion ($928 million).
June 24-
The FCA begins investigating the company's public statementsregarding its financial accounts during 2013 and 2014. Sharessuspended.
June 29-
Quindell says will not meet June 30 deadline to publish itsannual report for 2014.
August 5-
The SFO confirms criminal investigation into business andaccounting practices at Quindell.
August 6-
Shares slump 40 percent as London's junior market restorestrading in the stock after 43 days.($1 = 0.6411 pounds) (Compiled by Noor Zainab Hussain in Bengaluru; editing by SusanThomas)
