Claims outsourcer will update shareholders within 10 days

Claims outsourcing and technology firm Quindell has restated its plans to move to the main London stock market.

In March, Quindell said it would publish a prospectus for a premium UK listing in mid-April and seek to transition before the FTSE indices were reviewed in June.

At the time, it was targeting inclusion in the FTSE 250 index.

But the company’s share price was hit by a report by short sellers Gotham City, which alleged that between 42% and 80% of its profits were “suspect” and that some of its acquisitions were “little more than paper companies”.

Quindell has started legal action against Gotham. It described its claims as “highly defamatory” and “deliberately misrepresentative” and published a 12,300 word rebuttal, but its share price has failed to recover. Shares opened today at 19.25p, compared to 38.75p before the note was published on 22 April.

Today Quindell said: “As previously announced, the company has been targeting a move from AIM to a premium listing; the company and its advisors continue to work on achieving this target as soon as practicable.

“Shareholders will be updated on progress and timing prior to, or on the date of, Quindell’s AGM on 19 June 2014.”