Manulife faces backlash from investors over failure to disclose court case/
Matt Scuffham, 13 October 2018
TORONTO (Reuters) – Canada’s biggest life insurer is under pressure from shareholders to explain why it failed to disclose details of an ongoing court case which came to light after a short-seller released a report detailing the litigation. The stock has dropped 11.5 percent since Muddy Waters Capital LLC said last week that it had taken a short position, compared with a 4.7 percent decline in the stocks in Canada’s financial sector. Muddy Waters cited a court case pending in the Canadian province of Saskatchewan it believes could damage Manulife’s financials. The case against Manulife was filed on Nov. 23, 2016 by Mosten Investment LP, managed by Ontario businessman Michael Hawkins, documents submitted to the court show.
