Brambles Ltd Shareholder Class Action
IMF is funding a class action against Brambles Limited (ASX:BXB) (Brambles) in relation to losses suffered by shareholders following the company’s profit downgrade announcements released to the ASX on 23 January 2017 and 20 February 2017.
The class action was filed as an open class on 8 August 2018 in the Victorian Registry of the Federal Court of Australia on behalf of all shareholders who acquired Brambles shares during the period 18 August 2016 and 17 February 2017 (inclusive) (Relevant Period).
Shareholders who acquired shares in Brambles in the Relevant Period are invited to enter into a Funding Agreement with IMF.
Brambles is an ASX-listed supply-chain logistics company.
On 18 August 2016, Brambles released its FY16 results and provided guidance for its FY17 financial performance (FY17 Guidance). On 20 October 2016 Brambles reiterated the FY17 Guidance at its first quarter trading update and again on 16 November 2016 at its AGM.
In a series of announcements released to the ASX on 23 January 2017 and 20 February 2017, Brambles withdrew the FY17 Guidance (FY17 Downgrade). The market responded with falls in Brambles’ share price of 15.8% and 10% on 23 January and 20 February 2017, respectively.
It will be alleged that Brambles ultimately attributed the FY17 Downgrade to factors which it was, or should have been, aware of at the time it issued the FY17 Guidance in August 2016, which were not disclosed to the market at that time or at any time until later in 2017.
Cause of Action
The class action is being conducted by Slater and Gordon on behalf of shareholders of Brambles who acquired shares during the Relevant Period alleges that Brambles:
- breached its obligations of continuous disclosure by failing to disclose information concerning its FY16 growth and the FY17 Guidance; and
- made misleading and deceptive representations to the market regarding its FY16 growth and implications for FY17 and the FY17 Guidance.
The claim period commences on 18 August 2016, the date Brambles issued its FY17 Guidance, and concludes on 17 February 2017.
Further details about the claim can be obtained by contacting IMF using the details below.
How much will it cost to be part of the class action?
The class action is being run on a no win - no pay basis, with all costs fully underwritten by IMF. If you sign a funding agreement with IMF, you will not have to pay any fees unless the claims are successfully resolved. IMF will pay the other side's legal costs if the class action is unsuccessful.
Current stage of case
Proceedings have been commenced, however the claim currently remains open to sign up.
How do I sign up?
To proceed to sign-up your claim as a funded client of IMF you can do so by clicking on the "Sign Up" button below. Alternatively, you can contact the IMF Client Liaison Team by email on [email protected] or free call 1800 016 464.