Steinhoff will face a class action before a German regional court, dragging shares in the South African furniture retailer down by as much as 10 percent on Thursday, as the fallout from its accounting scandal continues.
South African retailer Steinhoff International Holdings N.V. said on Wednesday it had postponed a hearing with shareholders who are petitioning looking for an inquiry into the company before a Dutch court.
South African retailer Steinhoff said on Tuesday it had reduced the value of goodwill and intangible assets recorded in its accounts for the end of September 2017 by 1.8 billion euros ($2 billion) to 7.2 billion euros.
Troubled South African retailer Steinhoff said on Wednesday it had raised 4.8 billion rand ($332 million) from the sale of its 26 percent stake in KAP Industrial to pay off debt and shore up its finances.
The suspended former chief financial officer of Steinhoff is helping authorities with investigations into $7 billion-plus (5.3 billion pounds) accounting fraud at the South African retailer, he said on Thursday.
South African retailer Steinhoff said an independent report had found it had overstated profits over several years in a $7.4 billion accounting fraud involving a small group of top executives and outsiders.