Quintis has revealed that a group of shareholders is taking legal action against the embattled sandalwood producer in relation to a supply contract with pharmaceuticals company Galderma.

In a statement to the ASX, Quintis said the legal proceedings also involved company announcements regarding its projected financial outlook.

“The proceeding … alleges that the company engaged in misleading or deceptive conduct, and breached continuous disclosure provisions of the Corporations Act 2001 and the ASX Listing Rules, in relation to the termination of a supply contract with pharmaceutical company Galderma and in relation to announcements made by the company about its sandalwood sales and projected financial performance in 2016 and 2017,” Quintis said.

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