Case Update: Bellamy’s Australia Ltd. reaches $49.7m (AUD) settlement

 

Law firm Slater & Gordon announces a conditional agreement for a $49.7m (AUD) settlement on November 27, 2019. 

 

CompanyBellamy’s Australia Ltd.
JurisdictionAustralia
ExchangeASX
IndustryFood and Beverage
ClaimsBreach of continuous disclosure obligations, and misleading and deceptive conduct
Relevant Period14 April 2016 - 9 December 2016
Participation Deadline26 January 2018
Settlement Amount$49.7m (AUD)

Case Background

During a 2 December 2016 business update, Bellamy’s Australia Ltd., an Australian food and beverage company known for its production of organic infant formula through its subsidiary, Bellamy Organic, cut its revenue projections for FY2017 from $350 million to $240 million. Following the announcement of its downgrading, Bellamy shares were suspended from quotation on the ASX at the company’s request, pending a further announcement regarding the impact of trading conditions in China on its financials for the 2017 fiscal year. Investors have brought claims against the beverage company surrounding its FY2017 revenue downgrading in December of last year.

Past Registration Deadline

Pursuant to the orders of the Court, all registrations were to be submitted by 29 January 2018 (the Class Deadline). Read our blog ‘Multiple competing class actions against Bellamy’s Australia Ltd. resolved by the Australian Federal Courts‘ for more information. 

Updates

Law firm Slater & Gordon announced a conditional agreement for a $49.7m (AUD) settlement on November 27, 2019. Click here to read the Australian Financial Review article for more information (subscription may be needed). 

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