Quantum Graphite (ASX:QGL) said its former auditor, Grant Thornton, agreed to pay an amount to settle legal proceedings brought against it by the firm, according to a Monday Australian bourse filing.
The proceedings were brought by the firm for Grant Thornton's alleged failures in respect of the conduct of the 2020 financial year.
Grant Thornton, which had been the firm's auditors for more than six years, issued a disclaimer in respect of the 2020 financial statements resulting in its securities being suspended from trading on Oct. 1, 2020.
Quantum Graphite's shares fell past 1% in recent trading on Monday.
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