Sirtex Medical Limited Class Action (Former ASX code: SRX)
A class action was commenced in the Federal Court of Australia by Pawel Kuterba (Mr Kuterba) against Sirtex Medical Limited (Sirtex) (Federal Court proceeding number VID1375/2017), funded by IMF Bentham Limited (IMF).
At the time of filing Mr Kuterba’s proceeding, Sirtex was facing another class action in the Federal Court of Australia, brought by Mr Todd Hayward (Mr Hayward), funded by Australian Funding Partners Limited (AFPL).
In the interests of the efficient prosecution of the proceedings against Sirtex, Mr Kuterba, Mr Hayward and their respective funders agreed to consolidate the proceedings into a single proceeding. On 30 April 2018, the Court made orders that:
- Mr Kuterba and Mr Hayward be joint representative applicants in a consolidated proceeding against Sirtex, and Mr Kuterba’s claim be amended to include Mr Hayward’s claim; and
- Maurice Blackburn be the solicitors on the record for the joint applicants in the consolidated proceeding.
The claims arise out of allegedly misleading statements made by Sirtex to the Australian Securities Exchange (ASX) in 2016 in relation to its earnings and sales growth, followed by a further announcement by Sirtex confirming an external investigation into the share trading activities of its then-CEO Gilman Wong. Such conduct is alleged to have caused loss and damage to Sirtex shareholders who acquired an interest in Sirtex shares in the period from 24 August 2016 to 6.09 pm on 16 December 2016 (inclusive) (Relevant Period).
On 7 June 2019, during the second week of the hearing of the proceeding, the parties notified the Court that they had agreed in-principle to settle the Sirtex Class Action for AU$40M, subject to the approval of the Court. The proposed settlement is without admission of liability by Sirtex.
Participating in the case
Registrations to participate in the Sirtex Class Action are now closed.
If you would like further information about the Sirtex Class Action please contact IMF Bentham by email ([email protected]) or by telephone (1800 016 464).
Current Stage of Case
The parties to the proceeding have entered into an agreement to resolve the proceeding, subject to approval by the Court. The hearing of the application seeking approval of the settlement will take place on 23 August 2019.
||Federal Court of Australia (Victoria Registry)
||Pawel Kuterba and Todd Hayward
||Sirtex Medical Limited
IMF Client Liaison Team
1800 016 464