find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Slater & Gordon rallies shareholders for Elders class action

Slater & Gordon rallies shareholders for Elders class action

Law firm Slater & Gordon has confirmed it is continuing an investigation into a shareholder class action against Elders._x000D_

LAW firm Slater & Gordon has confirmed it is continuing an investigation into a shareholder class action against Elders.

Slater & Gordon practice group leader, Ben Phi, confirmed the class action against Elders Limited, following the company’s profit downgrade on 22 June this year.

The law firm has based its case on Elders’ announcement to the market on that day that it expected its 2010 financial year results would be significantly lower than what it had forecast in its September 2009 Prospectus.

On 5 July 2010, Elders disclosed to the ASX that ASIC was conducting enquiries in relation to the company's compliance with its continuous disclosure obligations following the profit downgrade. Today, Elders disclosed to the ASX that "...ASIC had concluded its enquiries in relation to Elders' profit downgrade of 22 June 2010" and did not propose to take further action in respect of the matter.

In July, Elders confirmed ASIC had been sniffing around. It said: ''ASIC has specifically confirmed with the company that its inquiries should not be construed as an indication by ASIC that a contravention of the law has occurred, and nor should it be considered a reflection upon any person or entity.,” the Sydney Morning Herald reported at the time.

Elders’ chief executive Malcolm Jackman confirmed to media that a letter had been received in July, prompting the agribusiness group to seek legal advice.

“We took a view that when ASIC is making inquiries around your continuous disclosure, it’s a sensible thing to disclose that,” Jackman said of his decision to advise the market. He said the company believed it had complied fully with its continuous disclosure obligations.

Slater & Gordon’s Phi said the firm was not privy to the nature and extent of ASIC’s investigations in this area, nor had the law firm seen ASIC’s full response to Elders.

According to Slater & Gordon’s Phi: “It is our opinion, based on our independent investigations, that there is a reasonable basis to allege that Elders breached its continuous disclosure obligations by failing to disclose to the market prior to 22 June 2010 that it was increasingly unlikely to meet its profit forecast for the 2010 financial year.

“Furthermore, there are reasonable grounds to allege that Elders did not have a reasonable basis for making the forecast in its prospectus on 4 September 2009."

"The claim against Elders is at an advanced stage and, as is our customary practice, we will offer the company the opportunity to respond to our allegations prior to the commencement of proceedings,” he said.



Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Slater & Gordon rallies shareholders for Elders class action
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...