Infrastructure services company Downer EDI has been hit with a second shareholder class action following revelations of accounting irregularities that sent its share price tumbling.
Wealth management firm Ord Minnett has paid an $888,000 penalty for twice breaching market integrity rules in executing a share buy-back with “pre-arranged” trades.
A shareholder class action against software company Nuix will go ahead as planned, after a stay application threatened to put the proceeding on ice pending the outcome of a separate case brought by ASIC.
The applicants in a shareholder class action against the former Freedom Foods have failed in a bid to cross-examine Noumi’s inhouse counsel on affidavits swearing to the legal professional privilege of 3,000 documents, including material containing advice from accounting firm PricewaterhouseCoopers.
GetSwift director Joel Macdonald cannot be located for service of a $15 million lawsuit by his former Melbourne Demons teammate James Strauss, a court has heard.
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.
Last year saw the lowest number of new class action filings in Australia since 2016, according to a new report.
KPMG has hit back at a shareholder class action over allegedly misleading statements made ahead of CuDeco’s collapse in 2020, placing blame on the defunct mining company, its directors and group members themselves.