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Australia: QBE Insurance could face shareholder class action

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A shareholder class action is looming for Australia-based QBE Insurance Group Ltd. because of a fall in its share price in December 2013 following a severe profit downgrade warning by the insurer, The Sydney Morning Herald reported.

Maurice Blackburn class actions partner Jacob Varghese said QBE shareholders were concerned the insurer's profit downgrade announcement timing was "less than frank."

QBE Insurance chief CEO John Neal said "we are very vigorous in terms of recognizing our continuous disclosure obligations, and I'm 100% confident that we've met those in every respect."

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