Wealth management giant AMP could face several shareholder class actions over misleading statements made to the corporate regulator.

Australian law firms Shine Lawyers, Slater and Gordon, and international firm Quinn Emanuel have announced investigations into actions on behalf of shareholders.

"We believe this has the potential to be one of the biggest [investor class actions] in Australian legal history," Slater and Gordon's principal lawyer Mathew Chuk said.

The three investigations centre on the revelations AMP made false representations to ASIC over the "fee for no service" scandal.

Under questioning at the banking royal commission, AMP's head of advice Anthony 'Jack' Regan lost count of the number of times the company had misled the regulator, the Australian Securities and Investments Commission (ASIC).

Sorry, this video has expired AMP customers charged for financial advice they never received

The inquiry heard AMP told ASIC it had charged customers fees for financial advice they did not receive due to an administrative error, rather than a deliberate policy.

AMP's share price tumbled as its executives were grilled before the inquiry.

"The firm's class actions team are also examining allegations that AMP failed to disclose to the market material information in relation to its dealings with the regulator, ASIC, and failed to disclose material information about its risk management processes," Shine Lawyers said.

Last week at the commission hearings, the independence of a report by law firm Clayton Utz into the fee for no service issue was questioned, after emails showed chief executive Craig Meller's name was removed from a draft report.

It was also revealed the board met to approve the final report and requested a paragraph be added stating Mr Meller had no knowledge of the practice.

On Friday, Mr Meller became the first executive to fall due to revelations from the royal commission, with AMP announcing his departure from the company would be brought forward and he would exit immediately.

AMP shares fell a further 3 per cent to $4.17 on Monday as the company's head of advice compliance, Sarah Britt, faced a grilling over the conduct of advisers and its auditing systems.

AMP share price. ( Reuters )

Quinn Emanuel, which is headquartered in Los Angeles, said it had been investigating the fall in AMP's share price before last week's revelations.

"The revelations of AMP's misconduct are especially upsetting given the people who were hurt — the ordinary mums and dads who as shareholders gave AMP one of Australia's largest shareholder registers," Quinn Emanuel partner Damian Scattini said in a statement.

The firm said it has secured the backing of litigation funder Burford Capital.

AMP declined to comment on the potential class actions.

The company's board and chairman Catherine Brenner are facing pressure ahead of AMP's annual general meeting on May 10.