However, plaintiff firm Shine Lawyers has opted to appeal the decision to dismiss the claims of shareholders against the company. 

In a statement, Shine Lawyers class actions practice leader Craig Allsopp said there were concerns about a number of aspects of the Federal Court’s judgment.

“The grounds of appeal include that the primary judge erred in failing to find that Worley did not have reasonable grounds for guidance the company provided for FY2014,” he said.

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“The primary judge also made a number of errors regarding evidence and the matters that need to be proved to establish wrongdoing.”

Shine Lawyers maintains, Mr Allsopp continued, that company executives “knew at the time their forecasts were unrealistic, resource companies were deferring projects, and its Canadian business was underperforming”.

“Despite this knowledge, the company maintained an overstated profit forecast in contravention of its continuous disclosure obligations and failed to correct market expectations,” he argued.

Back in October, Herbert Smith Freehills – which represented Worley – said the decision to dismiss the proceedings was a “significant win”, with partner Jason Betts calling it an “important day” in Australia’s class actions history.

“The Court’s decision represents the first dismissal of a shareholder class action after a full trial, and we are proud to have represented Worley,” he said.

Fellow HSF partner Christine Tran added at the time: “We are pleased that the Court dismissed the applicant’s allegations and favourably received Worley’s evidence, particularly the evidence of its senior leaders.”