Shares in AMP continued to suffer as the firm announced another class-action suit was being launched against it.

Australia-listed AMP, which is being sued by a number of shareholder groups over claims over its business practices, such as charging fees for no services, now faces another class action lawsuit, sending its shares lower.

“AMP has now been served with a class action proceeding filed in the Federal Court (New South Wales Registry) by Shine Lawyers,” the firm said on its website. “The proceeding is on behalf of shareholders who acquired an interest in AMP’s shares between 6 May 2013 and 13 April 2018. It is the third class action proceeding to be served on AMP.”

The group said it is “vigorously defending all proceedings”.

“We are hopeful these class actions can be consolidated in the Supreme Court in Sydney, which already has a well-progressed timeline, to provide the most efficient process and greater certainty for all involved,” it added.

Shares in AMP have fallen from A$4.97 per share on 8 June last year to A$3.62 per share.

Three directors quit in May after the departure of its chairman, chief executive and in-house lawyer. An inquiry into Australian financial services found that AMP had lied to regulators, allegedly doctored an independent report, and charged customers fees for no service. In April, for example, CEO Craig Meller, quit his job in the wake of damaging revelations that the company.

The Australian government has set up a royal commission to investigate problems across the country’s financial services sector, and a number of institutions, such as Commonwealth Bank of Australia have seen senior figures depart.