CASE BACKGROUND

Woolworths Limited (“Woolworths”), an Australian retail giant involved in a wide array of industries, is being investigated for breaching the Corporations Act by failing to keep investors informed of “significant risks” to its 2015 profit guidance.

Law firm Maurice Blackburn and global litigation funder IMF Bentham are currently investigating when Woolworths knew, or ought to have known, it was losing sales momentum in its Australian Supermarkets business and would need to make a significant change in its strategy and revise its FY15 guidance.

Woolworths shareholders may be eligible to participate in the claim if they acquired shares at inflated values, on or after the annual meeting on November 27, 2014, when former chairman Ralph Waters reaffirmed the numbers in Woolworths FY2015 net profit growth guidance, and held some or all of those shares at the commencement of trading on the ASX on February 27, 2015, when Woolworths downgraded guidance.

DETERMINING ELIGIBILITY & COSTS

IMF Bentham and Maurice Blackburn 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.

There will be no out-of-pocket cost risk if you participate, and all costs will be borne by the litigation funders, and will only be recouped in the event of a successful outcome

Typically, there is no disclosure of registrants beyond the case organizers, unless the organizers engage in settlement discussions with defendants and/or there is a court resolution and claims submission process.

NEXT STEPS

FRT will continue to monitor for other organizer efforts and filings, and whether or not Maurice Blackburn will ultimately file as open or closed.

LEARN MORE

FRT has issued the following alerts to FRT Global clients: Preliminary Alert (June 26, 2017), Eligibility Analysis (July 10, 2017), and Full Alert (July 14, 2017). For more information on this case or FRT Global service, please contact us at learnmore@frtservices.com.

About FRT

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