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Downer EDI has named KPMG in a cross-claim in a class action by shareholders, a move the accounting giant says has forced it to resign as auditor for the infrastructure services company.
The law firm behind a class action against Insurance Australia Group has secured a group costs order that will give it 30 per cent of any proceeds -- a contingency fee rate six percentage points higher than the median rate for shareholder cases.
Slater & Gordon is seeking summary dismissal of a case brought by a shareholder over the plaintiff firm's takeover by private equity firm Allegro, saying it is not the right target for the claims.
Noumi has argued a PricewaterhouseCoopers report commissioned by its lawyers at Ashurst is protected by legal professional privilege, after the food manufacturer admitted to overstating the value of its inventory and failing to properly disclose its financial position.
Group members in a shareholder class action against livestock exporter Wellard will get 34 per cent of a $23 million settlement if the court approves deductions sought by the funder and law firm that ran the case.
The recent dismissal of two shareholder class actions after hard-fought trials is expected to lead to a recalibration of litigation risk and may discourage plaintiff firms and funders from pursuing what might once have been considered slam dunk cases, experts say.
It's a case of déjà vu in a class action against engineering services company Worley, with shareholders heading back to the appeals court after losing a second trial in their drawn out fight over disclosure breaches.
Sydney financier First Class Capital has admitted it acquired three million shares in former market darling Big Un but has denied liquidators' claims that the purchase was part of a fraudulent design to inflate the share price ahead of the video start-up’s collapse.
A judge has signed off on a 27.5 per cent group costs order in a consolidated shareholder class action against Medibank over a cyberattack that affected 10 million customers, noting the “significant risk” taken on by the two plaintiff law firms running the action.
A law firm is investigating an shareholder class action against lithium battery producer Magnis Energy Technologies and auditor Hall Chadwick after its share price plummeted to four cents late last year.