The AMA Group share price plunged on Wednesday on the news that CEO Andy Hopkins has been under review following undisclosed allegations whistle blower in September last year.
This is just the latest in several recent reports in the popular press on the activities within the organisation, an organisation that has unashamedly set out to dominate the Australian collision repair landscape. The Group released the following statement, which although lacking in specifics, clearly suggests that following the forensic investigation, the board has taken steps to terminate Hopkins.
“The Board of AMA Group Limited wishes to provide an update in relation to its Chief Executive Officer and Executive Director, Mr Andrew Hopkins. In late September 2020, the Board received a protected disclosure from an individual employed by the Company. On receipt of these allegations, the Company engaged McGrath Nicol to undertake an independent forensic investigation which has recently completed. In the evening of 26 January 2021, Mr Hopkins made an urgent application to the Federal Court of Australia alleging that he is being oppressed as a minority shareholder. The Court made a temporary order that the Company may not dismiss Mr Hopkins from his employment prior to a further hearing on a date which will be fixed for some time next week. The Company is defending the legal proceedings and will not comment further on the matter as it is before the Courts. The Board would like to take this opportunity to reiterate that the Company’s three core business units continue to rebound well from the disruptions associated with the COVID-19 Pandemic under the capable leadership of the respective division heads and that the Company will report its first half results to the market next month.”