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On his fourth day giving evidence in a shareholder class action trial, Arrium’s former CEO has denied that the company relied on overly optimistic assumptions when making forecasts about its business, despite a history of missed targets.
Collapsed steelmaker Arrium's former chief executive has testified during a shareholder class action trial that a five-year business plan projecting a 'V-shaped' turnaround was not an unrealistic pipe dream.
A massive dip in the price of iron ore in 2014 did not ring alarm bells for failed Arrium's then CEO, a court has heard, with the former boss denying that a capital raising that year was an urgent measure in the face of the potentially 'catastrophic' drop.
A judge has knocked back a class action’s bid to revise its claims against KPMG and former Arrium directors mid-trial, saying the amendments made for a "vastly different" case.
Arrium's former directors and auditor KPMG have lost a challenge to a key report relied on by shareholders in a class action over the collapsed steelmaker that says the company overstated the value of its assets.
A mid-trial amendment bid by shareholders in a class action over Arrium's collapse will delay cross-examination of the company's CEO and former directors, who told a judge Wednesday they should not be required to enter the witness box until the issue is resolved.
A class action over the collapse of Arrium is bound to its pleading that the asset value of all the steelmaker's business units was impaired by a total of $2.8 billion, a judge has ruled in the second week of trial.
A mid-trial fight has erupted in a class action over the collapse of steelmaker Arrium, with the company's auditor and directors saying the case had swerved, and the plaintiff accusing the respondents of "playing games".
KPMG has told a judge there is no evidence that Arrium's share price would have changed even if it had recorded a $2.8 billion impairment, urging the judge to reject the shareholder class action's "intuitive" case on loss.
Former directors of steelmaker Arrium have rejected shareholder class action claims that the company's collapse was foreseeable, calling claims they had their heads in the sand “arrant nonsense”.