Hitting back at ASIC’s claims it misled investors and breached disclosure rules, technology company Nuix says it had no knowledge it was failing to meet its FY21 forecast and didn’t need to disclose to investors draft documents showing missed internal targets.
A judge has vacated an upcoming trial in shareholder class actions against former Quintis director Frank Wilson and Ernst & Young, after learning judgment in similar ASIC proceedings against Wilson will not be delivered before the class action hearing kicks off.
A costs report in a settled class action against Woolworths that recommended almost $800,000 in legal fee deductions failed to wrestle with a key factor in weighing the proportionality of the costs, a judge has said.
A judge has rejected Shine Lawyers’ second bid to challenge a court order that it join forces with rival Banton Group in an investor class action Blue Sky Alternative Investments and auditor EY, saying the firm’s funder LCM was trying to “take the bat and ball and go home.” Federal Court Justice Michael Lee rejected…
A $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.
Lithium prospecting company AVZ Minerals is facing a potential class action for allegedly misleading shareholders about its ownership rights to its flagship lithium project in the Democratic Republic of Congo.
A law firm has lost its bid to challenge a court order that it join forces with a competing firm in an investor class action against Blue Sky Alternative Investments and auditor EY.
A judge has approved a group costs order with a tiered contingency fee that will guarantee group members at least 72.5 per cent of any returns in a shareholder class action accusing Crown Resorts of lax anti-money laundering compliance over a six-year period.
A recent ruling cutting the contingency fee sought by a plaintiff law firm shows competition to run class actions will drive down the percentage payout courts are willing to permit. And as more firms enter the market for a slice of the returns, the downward pressure on profits will only build.
The Australian Securities and Investments Commission has sued health and beauty giant McPherson’s Limited and its former CEO over alleged continuous disclosure breaches and misleading or deceptive conduct during a capital raise in late 2020.