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Midway Limited hit with $33,000 fine for alleged continuous disclosure breach
ASIC 2023-01-18 4:59 pm By Cindy Cameronne

Wood-fibre processor and exporter Midway Limited has been hit with a $33,000 penalty after the Australian Securities and Investments Commission alleged it failed to disclose a revenue downturn to shareholders.

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Class action members benefit when funder’s payout in line with risk, judge says
Class Actions 2023-01-13 10:37 pm By Christine Caulfield

In reasons for approving a $41 million deal to settle one of three shareholder class actions over Slater & Gordon’s acquisition of a UK firm and awarding the funder 28 per cent, a judge has challenged a persistent notion that the interests of litigation funders and group members are at odds.

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Judge imposes $450,000 penalty against Australian Mines
Energy & Natural Resources 2023-01-13 3:49 pm By Cat Fredenburgh

A judge has approved a $450,000 penalty against Australian Mines in ASIC proceedings brought after its managing director was allegedly caught lying at an investment conference about the value of an offtake agreement and funding for a project at its cobalt and nickel mine in Queensland.

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Nuix says it didn’t have to disclose $17M post-IPO shortfall to investors
Securities 2023-01-11 10:15 pm By Sam Matthews

Hitting back at ASIC’s claims it misled investors and breached disclosure rules, technology company Nuix says it had no knowledge it was failing to meet its FY21 forecast and didn’t need to disclose to investors draft documents showing missed internal targets.

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Late judgment in ASIC case derails Quintis class action trial date
Class Actions 2023-01-11 5:01 pm By Cat Fredenburgh

A judge has vacated an upcoming trial in shareholder class actions against former Quintis director Frank Wilson and Ernst & Young, after learning judgment in similar ASIC proceedings against Wilson will not be delivered before the class action hearing kicks off.

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Rejected costs report in Woolworths class action got proportionality wrong, judge says
Class Actions 2023-01-10 11:02 pm By Sam Matthews

A costs report in a settled class action against Woolworths that recommended almost $800,000 in legal fee deductions failed to wrestle with a key factor in weighing the proportionality of the costs, a judge has said.

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Judge sprays Shine’s ‘left field’ bid to kick rival off Blue Sky, EY class action
Class Actions 2022-12-21 4:24 pm By Sam Matthews

A judge has rejected Shine Lawyers’ second bid to challenge a court order that it join forces with rival Banton Group in an investor class action Blue Sky Alternative Investments and auditor EY, saying the firm’s funder LCM was trying to “take the bat and ball and go home.” Federal Court Justice Michael Lee rejected…

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‘Disastrous’ GetSwift class action settlement revised down to $1M
Class Actions 2022-12-20 4:47 pm By Cat Fredenburgh

A $1.5 million class action settlement against failed logistics provider GetSwift, which a judge termed a “disaster”, has been revised down to $1 million and may face a liquidators’ challenge that could see a group members recover nothing.

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AVZ Minerals may face class action over lithium project disclosures
Securities 2022-12-20 9:52 pm By Cat Fredenburgh

Lithium prospecting  company AVZ Minerals is facing a potential class action for allegedly misleading shareholders about its ownership rights to its flagship lithium project in the Democratic Republic of Congo. 

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Shine stuck running Blue Sky, EY class action with rival firm
Securities 2022-12-19 5:32 pm By Cindy Cameronne

A law firm has lost its bid to challenge a court order that it join forces with a competing firm in an investor class action against Blue Sky Alternative Investments and auditor EY.

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