The corporate regulator has lost its civil case against Frank Wilson, the founder of sandalwood oil producer Quintis, after failing to persuade the Federal Court he withheld from the board the termination of major supply contracts with a Nestle unit.
The field of competitors in a four-way contest to run a shareholder class action against Downer EDI over a $40 million profit overstatement has narrowed with the consolidation of three cases, leaving one firm to face criticism over its comparative inexperience running group proceedings.
A $26 million settlement has been reached in a class action against Ardent Leisure alleging it misled shareholders about safety measures that were in place ahead of the 2016 tragedy at its Dreamworld theme park in Queensland which claimed four lives.
A shareholder class action that was filed in the wake of the banking royal commission over AMP’s fees-for-no-service practices has settled for $110 million.
Deloitte has settled a shareholder class action over its audits of collapsed construction group Hastie, a case which dragged on for six years as the accounting firm unsuccessfully fought to shield its audit reports.
Noumi has admitted in a case by ASIC to breaching its continuous disclosure obligations by overstating the value of its inventory and failing to give a true and fair view of the company’s financial position.
A Blue Sky director has pointed the finger at auditor Ernst & Young in a class action alleging the collapsed investment firm misled shareholders by misstating its assets under management.
A self-managed superannuation that has taken Slater & Gordon to court over the acquisition of its shares in the firm by Allegro Funds is seeking to join the private equity firm to the proceeding.
A shareholder class action has been filed against medical glove manufacturer Ansell Limited following an earnings guidance downgrade blamed on COVID-19.
The Federal Court has granted a bid by plaintiffs in competing class actions against Downer EDI to transfer their cases to the Victoria Supreme Court, where a four-way contest will take place.