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
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Senior family lawyer - Melbourne
Category: Family Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Outstanding national firm · High-calibre family law team
View details
Class action proposed against AWB

Class action proposed against AWB

MAURICE BLACKBURN CASHMAN is investigating whether shareholders in AWB have a case for launching a class action against the firm to recover share price losses since the Cole Inquiry…

MAURICE BLACKBURN CASHMAN is investigating whether shareholders in AWB have a case for launching a class action against the firm to recover share price losses since the Cole Inquiry began.

Maurice Blackburn Cashman principal Ben Slade said it was clear from evidence submitted in the Cole Inquiry and information given to the ASX by AWB about its dealings with the Iraqi Grains Board that shareholders were not advised of all information that could affect the share prices.

AWB is required to comply with the “continuous disclosure” regime under ASX listing rule 3.1 and s 674 of the corporations law.

“There is little doubt that information not disclosed to the market was material and that the market has been misled by AWB. Shareholders who have suffered loss as a result of AWB’s conduct are entitled to recover those losses through the instigation of a class action,” Slade said.

AWB’s share price had dropped around 30 per cent to open at $4.60 this week, and was at $4.25 on 8 February, down from $6.40 on 12 January.

Slade said they had had “significant” interest from shareholders so far, but wouldn’t disclose how many. He said they were still investigating the feasibility of a class action, but if they were to go ahead it would be after the Cole Inquiry had handed down its findings.

Shareholders must have bought AWB securities between 22 August 2001, when AWB was listed on the ASX, and 16 January 2006 when the Cole Inquiry began.

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

Class action proposed against AWB
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Warning
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
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...
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 & ...