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Nuix failed to disclose disappointing results after $1.8B float, court told
Trials 2023-11-20 9:25 pm By Sam Matthews

Nuix had information in January 2021 which undermined the growth story presented to the market in the prospectus for its IPO, a court has heard on the first day of ASIC’s case against the tech company and a handful of former directors.

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Law firm set to profit ‘handsomely’ from GCO in Crown class action, should pay up, court told
Class Actions 2023-11-16 10:03 pm By Sam Matthews

Crown Resorts is seeking $10 million in security for costs from the law firm running a shareholder class action accusing it of lax anti-money laundering compliance, arguing the sum is justified in light of the firm’s potential recovery under a tiered group costs order.

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‘You’ve got to learn to take yes for an answer’: Judge not inclined to seek Full Court’s view on solicitors CFO
Class Actions 2023-11-15 11:20 pm By Cat Fredenburgh

The judge overseeing a class action against collapsed investment manager Blue Sky has said he would not be inclined to seek clarity from the Full Court on whether the court has the power to make a solicitors common fund order unless one of the defendants raised a challenge.

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$110M settlement approved in AMP fees-for-no-service class action
Class Actions 2023-11-14 4:11 pm By Cat Fredenburgh

A judge has signed off on a $110 million settlement in a long-running shareholder class action against AMP over its fees-for-no-service conduct, including $26 million in costs for law firm Maurice Blackburn.

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ANZ faces shareholder litigation over climate risk management
Financial Services 2023-11-10 2:07 pm By Christine Caulfield

ANZ is facing proceedings by a shareholder who wants the bank to turn over documents related to its risk management systems in response to concerns it is increasing loans to fossil fuel companies and failing to properly address climate change risks.

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FleetPartners hit with shareholder class action
Class Actions 2023-11-08 2:48 pm By Cat Fredenburgh

Fleet management company FleetPartners has been stung with a shareholder class action over a revised 2019 earnings guidance that doomed its planned merger with McMillan Shakespeare.

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BHP shareholders from secondary platforms not part of class action, court says
Class Actions 2023-11-03 11:46 pm By Christine Caulfield

BHP has won its argument that shareholders who did not purchase their stock while trading on one of the three exchanges on which the mining giant is listed are excluded from a securities class action over the collapse of a Brazil tailings dam.

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Consultation begins on 2-year review of continuous disclosure reforms
Policy and Regulation 2023-11-01 3:50 pm By Sam Matthews

The government is seeking submissions for a review of widely criticised Morrison-era reforms that weakened continuous disclosure obligations, but the review may be hampered by the lack of case studies from the courts.

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Group members to get $5.7M from ‘disappointing’ Deloitte class action settlement
Securities 2023-10-19 3:46 pm By Cindy Cameronne

A judge has signed off on a $18.5 million settlement in a six-year-old shareholder class action against Deloitte over its audits of collapsed construction group Hastie, saying the amount might be “disappointing” to group members but reflected the risks of going to trial.

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BHP says investors from secondary platforms can’t be in class action
Class Actions 2023-10-18 3:18 pm By Cindy Cameronne

BHP has argued that investors who bought shares through secondary platforms are excluded from a long-running shareholder class action over a failed Brazilian dam, a claim slammed as an “unduly narrow reading” of the case.

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