A dispute over redactions in books and records produced by defunct fund manager Blue Sky to a prospective class action applicant should be hashed out within the class action, a judge has found.
Shareholders of the collapsed Babcock & Brown have failed in their challenge to a ruling tossing their cases for damages for disclosure breaches during the global financial crisis, with an appeals court finding the investors had not shown the breaches caused any loss.
The applicant in a class action against PricewaterhouseCoopers over a $50 million bond prospectus for asset finance lender Axsesstoday has dropped claims accusing the accounting giant of being involved in the company’s alleged misrepresentations.
A shareholder class action against defunct fund manager Blue Sky Investments and others will be filed by the end of the year, Lawyerly has learned.
Reforms by the Morrison government passed earlier this month weakening continuous disclosure obligations will spur corporate defendants to engage in “expensive interlocutory warfare” to shut down class actions right off the bat, and plaintiffs lawyers are waiting to see how the courts interpret the new laws to determine these early strike-out fights.
Worley’s increases to a budget behind an allegedly misleading 2014 earning guidance, amounting to $1.14 million, were a “drop in the ocean”, the Full Court has heard as shareholders seek to revive a failed class action against the engineering company.
Worley crafted the budget behind an allegedly misleading 2014 earnings guidance so that its shares could be rated as a “growth stock”, the Full Court has heard as shareholders seek to revive a failed class action against the engineering company.
The lead applicant in a settled shareholder class action against technology company Arasor can’t dodge funder International Litigation Partners’ costs, which it was ordered to pay after a judge rejected its “shambolic” attempts to be heard over a $1.2 million personal expenses dispute with the funder.
A judge has allowed a new applicant to lead a shareholder class action against recycling company Sims Metal Management, ruling that he could not force the original applicant to continue in the role when it wanted to back out.
A unit of Oaktree Capital Management has been ordered to join all former shareholders of consumer brand wholesaler Marlin Brands as defendants in a case over the investment giant’s $200 million acquisition of the company that alleges fraud or wilful deceit on the part of the sellers.