Despite that, the applicant failed to prove loss on the basis of market-based causation and so-called “inflation” of the share price.
The case underscores the difficulty of running securities class actions based on a failure to correct earnings guidance, and the vagaries of actually proving loss.
This note will focus on the learnings for “front end” decisions on when disclosure should be made under ASX Listing Rule 3.1 and s674 and s677 of the Corporations Act.
[1] 1 TPT Patrol Pty Ltd v Myer Holdings Limited [2019] FCA 1747
After reconfirming that greenwashing is a key enforcement priority, the ACCC has commenced its first Federal Court action against plastic wraps manufacturer, Clorox. For FMCG businesses seeking to...
Leading independent law firm Johnson Winter Slattery (JWS) has advised the shareholders of professional services firm Fyfe on the acquisition by Mercury Capital of a majority stake in the Fyfe...
Leading independent Australian law firm Johnson Winter Slattery (JWS) has appointed Isaac Evans as a Special Counsel in its Corporate team. Isaac is based in Brisbane and joins JWS from Baker...