Wealth management company IOOF is facing a new class action from shareholders.

Shine Lawyers has announced it will start the action on behalf of IOOF shareholders after investigating alleged corporate misconduct within the company.

“IOOF shareholders have repeatedly seen the value of their shares wiped out by numerous alleged failures of IOOF’s management over several years,” Shine Lawyers’ Craig Allsopp said in a statement.

Mr Allsop said the class action was not related to a claim brought by the Australian Prudential Regulation Authority, but focused on alleged misconduct within IOOF from 2009 to mid-2015.

IOOF was one of the companies savaged at the financial services royal commission over the fees-for-no-service scandal.

The company shed nearly two-thirds of its value between 2017 and 2018.