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 (1-3 PAE)
Category: Insurance and Superannuation Law | Location: Sydney NSW 2000
· Join a dynamic Firm · Excellent career growth opportunity
View details
In-house lawyer 1-4 PAE
Category: Generalists - In House | Location: Adelaide SA 5000
· Leading Brand · Report to a Dynamic Legal Counsel
View details
Nufarm class action advances: law firm

Nufarm class action advances: law firm

A class action law firm has confirmed its "well advanced" investigations support clients' claims that Nufarm underestimated financial woes for some time, and that a shareholder class action should succeed.

CLASS action law firm Maurice Blackburn has confirmed its “well advanced” investigations support clients’ claims that Nufarm underestimated financial woes for some time, and that a shareholder class action should succeed.

Nufarm's full-year profit results, released this week, “make grim reading for investors and confirm our opinion that a shareholder class action should succeed", said Ben Slade, NSW principal of Maurice Blackburn.

"Our investigations are well advanced and the results provide further evidence to support our clients' claims that the company had no reasonable basis for forecasts made earlier this year and that it contravened its continuous disclosure obligations by failing to tell the market about the disastrous state of the glyphosate market."

The class action claim will centre on Nufarm's profit forecast for 2010 and Nufarm's actual or constructive knowledge of the trends in the international glyphosate market.

Nufarm is an Australian-based business that produces and supplies agricultural chemicals throughout the world.

Nufarm's 2 March 2010 profit forecast was reaffirmed in late March and again in documents for its capital raising on 20 April 2010, Maurice Blackburn said in a statement.

Ben Slade said this week: "On 2 March 2010 and on each day until 14 July 2010 Nufarm knew or ought to have known that it could not achieve its profit forecast. Not only did Nufarm get it wrong on 2 March, it repeated the misleading profit forecast in support of a $250m capital raising on 20 April 2010.

“It was well-publicised that the glyphosate market was changing rapidly and in particular Chinese generic product competition was impacting on Nufarm's market share. Nufarm appears to have disregarded these signals in maintaining its ambitious forecast results up until 14 July 2010.

“There is a good claim for compensation against Nufarm for those shareholders who purchased and held Nufarm shares between 2 March 2010 and 13 July 2010,” Slade said.

"Investors are only able to make informed decisions regarding their share purchases when listed companies adhere to their disclosure obligations," he said.

International Litigation Partners proposes to fund the claim on behalf of shareholders against Nufarm.



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

Nufarm class action advances: law firm
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Unite
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by Crowd & Co. The way we do business, where we work, how we engage with workers, ev...
Scales of Justice, Victorian County Court, retiring judges
Aug 21 2017
Replacements named for retired Vic judges
Two new judicial officers have been appointed in the Victorian County Court, following the retire...
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 & ...