The CEO of Bob Jane T-Marts has failed to halt his public examination by the liquidator of the firm Last Lap, which is currently involved in a shareholder dispute with the Australian tyre franchise.
An accountant who was kicked out of an Australia and New Zealand accounting association after a court found he sexually harassed a colleague has failed to win readmission after being unable to find an eligible member who could vouch for him in a character reference.
A closely watched shareholder class action against Myer over an inflated profit forecast from former CEO Bernie Brookes has been dropped, after a court found the retail giant misled shareholders but that they suffered no harm.
After failing to persuade the court at trial, shareholders in a class action against Myer have another chance to prove they suffered financial loss after the department store was found to have repeatedly neglected to correct an inflated profit forecast from former CEO Bernie Brookes five years ago.
A groundbreaking class action ruling by the Federal Court on Thursday that found Myer misled shareholders and accepted the applicant’s market-based causation theory is the only judgment in an Australian securities class action since the first shareholder case was brought 20 years ago, and it might be the only one for years to come.
A judge has ruled that department store Myer engaged in misleading or deceptive conduct and breached its continuous disclosure obligations when it failed to correct its “inflated” 2015 net profit forecasts, but said shareholders may not have suffered any loss flowing from the breaches, in a monumental decision that also found investors do not always need to prove direct reliance on misrepresentations in claiming damages in class actions.
An appeals court has criticised the ‘weak’ legal position of the owners of Chadstone Shopping Centre in Melbourne, throwing out their multi-million dollar appeal of a ruling in favor of anchor tenant Myer.