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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 failure by software firm Nuix to meet internal budgets ahead of its $1.8 billion IPO in 2020 was the result of “ambitious targets” to incentivise the company's sales staff, a court was told Tuesday.
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".
Construction PRO
Lawyers for LBJ Developments have told a judge that its joint venture partners on a development at the former Lilydale quarry breached their obligations by failing to honour a contractual right to tender for quarry filling works at the site.
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.
Macquarie Capital has taken aim at the expert evidence of a shareholder class action over Nuix's IPO, saying it was "completely inadmissible" because the expert had answered legal questions that fell outside his expertise.
A software engineer for Sportsbet has faced cross-examination over the role of phone operators in placing bets for users of its Fast Code betting, in a class action trial that alleges the system was not a true telephone betting service.
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”.
Hitting back at trial in a shareholder class action, software company Nuix has told a judge it was “completely unfounded” to allege auditor PwC did not push back on management’s claims about its budget.
The lead applicant in a class action against Sportsbet over its fast code betting service has admitted he never questioned whether the system was lawful until meeting with class action lawyers at Maurice Blackburn.