A four-way fight to lead a shareholder class action against Star Entertainment could be on the cards after a fourth law firm filed a representative proceeding alleging the company’s share price plummeted following revelations of alleged money-laundering breaches.
Star Entertainment is facing a third shareholder class action alleging it failed to disclose material information about its compliance with anti-money laundering and counter-terrorism financing regulations, after being slapped with $200 million in fines by state gambling regulators.
Wilsons Advisory and Stockbroking has paid a $548,328 penalty after the Australian Securities and Investments Commission found its reported Trade With Price Improvement products did not offer price improvement.
A judge has approved a $1 million settlement in a shareholder class action against failed tech start-up GetSwift that leaves the law firm running the matter taking a “massive haircut” and the funder $5.5 million out of pocket.
A former Nuix director has made a bid to stay a shareholder class action, which accuses the software company of failing to alert the market to red flags in the business, pending the outcome of separate proceedings by ASIC.
Collapsed engineering firm Forge Group has defeated an appeal seeking to block its liquidators from bringing a case against engineering company Clough Limited for alleged insider trading during the 2013 sale of a $187 million stake in the company.
A judge has grilled the former general counsel of defunct logistics company GetSwift about why he did not confront the company’s directors for “bullying” other executives when they raised concerns about alleged continuous disclosure breaches.
Regenerative medicine company Mesoblast has hit back at a shareholder class action over its Remestemcel-L treatment for COVID-19, saying that some group members are barred from bringing claims because of a settlement reached in a US class action.
An investor class action against RCR Tomlinson has reached a walk-away settlement agreement with two former directors of the failed engineering company.
Wood-fibre processor and exporter Midway Limited has been hit with a $33,000 penalty after the Australian Securities and Investments Commission alleged it failed to disclose a revenue downturn to shareholders.