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Here’s Why The IOOF (ASX:IFL) Share Price Could Drop On Monday

The IOOF Holdings Limited (ASX:IFL) share price could drop on Monday after the financials services business was served with a class action. 
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The IOOF Holdings Limited (ASX: IFL) share price could drop on Monday after the financials services business was served with a class action.

IOOF Holdings is a diversified financials business that offers a variety of services to clients including financial advice, platform management & administration, investment management and trustee services. IOOF has been operating since 1846 and is now one of the largest financial services industry businesses.

Why IOOF Shares Could Fall

IOOF announced at 7:23pm on Friday night that it had been served with class action proceedings which have been filed by Quinn Emanuel Urquhart & Sullivan in the Supreme Court of New South Wales on behalf of IOOF shareholders who bought between 27 May 2015 and 9 August 2018.

The claim relates to the evidence heard in the Royal Commission and the fact that APRA has commenced proceedings against IOOF officers.

IOOF branded the class action as speculative and without foundation, and it will defend this claim.

I’m glad I’m not an IOOF shareholder at this stage, I would rather own shares of one of the ASX shares outlined in the free report below.

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