Case Spotlight: Sirtex Medical Limited – An example of a Non-U.S. Passive Claim

FRT Marketing
October 18, 2018
CompanyMacmahon
JurisdictionAustralia
ExchangeASX
IndustryConstruction
ClaimsBreach of continuous disclosure obliga-tions, and misleading and deceptive con-duct
Relevant PeriodApril 10, 2012 – September 19, 2012
Participation DeadlineAugust 23, 2018

CASE BACKGROUND

Sirtex Medical Limited, (“Sirtex”), an Australian healthcare company that manufactures and distributes liver cancer treatments, is being investigated for breaching the Corporations Act by allegedly inflating its FY2017 dose sales guidance.

Law firm Maurice Blackburn and global litigation funder IMF Bentham are currently investigating a potential shareholder action against Sirtex Medical Limited claiming a breach of continuous disclosure obligations, and misleading and deceptive conduct.

Sirtex shareholders may be eligible to participate in the claim if they acquired shares on or after the announcement on August 24, 2016 when Sirtex announced that it had anticipated “double digit sales growth” following an 16.4% increase in dose sales of its lead product from June 2016, and held some or all of those shares at the close of trading on the ASX on December 9, 2016, after Sirtex downgraded its FY2017 guidance due to what it deemed “volatile trading conditions.”

DETERMINING ELIGIBILITY & COSTS

Maurice Blackburn and IMF Bentham are currently soliciting shareholder interest. Maurice Blackburn has not indicated whether or not they intend to file this as an open, ‘opt-out’ or a closed, ‘opt-in’ class.

Unlike an open class, a closed class is limited to investors who (a) purchased shares during the relevant period and suffered losses, AND (b) signed an attorney engagement and a funding agreement with the organizers. Investors who do not register with the organizers for closed classes are NOT be eligible for any recovery or settlement funds later, unless another organizer files an open class action or the pending closed action is changed to an “open” or opt-out class.

Therefore, absent the filing of an open class, FRT recommends that investors with significant losses register their claims and provide trading details to the organizers.

NEXT STEPS

The Federal Court of Australia has recently ordered that investors who wish to obtain compensation from any settlement in the proceeding must register with Maurice Blackburn prior to October 31, 2018.

If you wish, FRT can register your claims with the organizer on your behalf in this case. To participate, you must submit the law firm retainer and litigation funding agreement. FRT will provide these documents upon request. If you have compensable damages and would like to discuss your rights with the organizers, FRT can arrange for that discussion.

For clients, if you would like this done, and have not previously made arrangements with FRT, please reach out to your FRT account representative for details and instructions or email us at learnmore@frtservices.com.

Learn More

FRT has issued the following alerts to FRT Global Group Litigation clients:

  • Preliminary Alert – July 7, 2017
  • Full Alert – July 25, 2017
  • Update Alert – October 12, 2018

For more information on this case or FRT Global Group Litigation, please contact us at learnmore@frtservices.com.

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

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This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

ABOUT FINANCIAL RECOVERY TECHNOLOGIES
SETTLED  I  NON-US GLOBAL OPT-IN  I  ANTITRUST  I  GLOBAL PASSIVE  I  DIRECT OPT-OUT  I  BUYOUTS

Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.