The co-owners of Pacific Werribee shopping centre in Victoria have won their bid for a preliminary trial in a suit against Probuild Constructions and several engineering companies over $200 million in alleged structural defects.
ANZ has lost its appeal of a landmark decision finding it breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters during a $2.5 billion capital raising.
Challenging a ruling that it breached its continuous disclosure obligations, ANZ has argued on appeal that it did not need to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement because the information didn’t go to the fundamental value of its shares.
ANZ will appeal a ruling that it breached its continuous disclosure obligations when it failed to inform the ASX of a bailout by the underwriters of a 2015 institutional share placement.
ANZ’s failure to disclose a bailout by banks underwriting a $2.5 billion share placement has resulted in a penalty of less than $1 million, ending an eight-year saga that included an aborted criminal trial.
A judge has found that ANZ breached continuous disclosure rules by failing to disclose a $750 million bailout by underwriters Deutsche Bank, Citigroup and JP Morgan during its $2.5 billion equity capital raising in August 2015.
Two executives involved in ANZ’s $2.5 billion equity capital raising have stood by arguments that the book was covered when the bank’s underwriters took up $750 million of the shares, despite ASIC’s allegations of “receding demand” on the day of the placement.
ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.
A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.
Lawyerly’s Litigation Law Firms of 2022 racked up precedent-setting victories in a year that continued to see major developments in class action law.