More details have emerged from Maurice Blackburn Lawyers on a shareholder class action over alleged breaches of continuous disclosure obligations by QBE in 2013.The matter came to a head in December 2013, when QBE announced it was expecting to post a loss of US$250 million for FY2013, in stark contrast to analysts' predictions of $1 billion-plus profit.The disclosure of the loss sent QBE's share price plummeting by 22 per cent, "the biggest single day fall for QBE in the 12 years preceding it," the law firm said. In total, QBE shares fell 30 per cent over two days. The class action case has been lodged in the Federal Court in Melbourne, with close to 700 clients already registered for the class action seeking to recover more than A$200 million in compensation for shares purchased at "inflated prices".Jacob Varghese, class actions principal at Maurice Blackburn, says the firm is prepared to take the matter to trial on behalf of aggrieved investors over allegations that QBE breached its continuous disclosure obligations by not informing the market of the losses sooner.  He cited shareholders' concerns that QBE was "less than frank and timely in informing the market of the troubles in its North American business, which were at the heart of the 2013 surprise loss." The lead plaintiff for the action is the self-managed super fund of Richard Bungey, a 69-year-old semi-retired small business owner from Queensland. His fund bought 1,300 QBE shares in October 2013, just months before the share price collapse.