Overview of Downer EDI's recent announcement

Downer EDI Limited (ASX: $DOW) has filed its Defence in the class action proceedings brought against the company in 2023, related to a maintenance contract in its Australian Utilities business and its impact on Downer's financial performance and earnings guidance in 2022.

Executive commentary on the recent announcement

Downer has taken the necessary steps to address the class action proceedings by filing its Defence and pleading a defensive Third Party Statement of Claim and proportionate liability defence against its auditor, KPMG. The company anticipates that KPMG will cease to act as Downer's auditor later this month and will commence a process to appoint a replacement auditor for the financial year ending 30 June 2024.

Summary of Downer EDI's announcement and outlook

Downer EDI (ASX: $DOW) has provided an update on the shareholder class action proceedings, indicating that it has filed its Defence and pleaded a defensive Third Party Statement of Claim and proportionate liability defence against its auditor, KPMG. The company anticipates the appointment of a replacement auditor for the financial year ending 30 June 2024. Downer's commitment to addressing the legal proceedings and ensuring the continuity of its financial reporting reflects its dedication to transparency and accountability.