Case Update (November 2019): Woolworths Limited Reaches Passive Registration Deadline Prior to December Mediation

CompanyWoolworths Limited
JurisdictionAustralia
ExchangeASX
IndustryRetail
ClaimsBreach of continuous disclosure obligations, and misleading and deceptive conduct
Relevant PeriodAugust 29, 2014 – May 5, 2015
Participation DeadlineDecember 12, 2019

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 has filed a shareholder class action against Woolworths stating that the company allegedly knew that it was losing sales momentum in its Australian Supermarkets business and would need to make significant changes in its strategy and revise its FY15 guidance.

DETERMINING ELIGIBILITY & COSTS

Woolworths shareholders may be eligible to participate in the claim if they acquired in the period of August 29, 2014 – May 5, 2015.

There will be no out-of-pocket risks to participate. Claimants can choose (but are not required) to enter into the Funding Agreement and Retainer Agreement to join this action.

WHAT’S NEW?

In the most recent case management hearing, orders were made that the parties commence a mediation by December 17, 2019 in order to attempt to negotiate a settlement. As cases in Australia reach a mediation period, the Courts will order a class closure date at which point all interest Claimants register as members of the class. If Claimants do not register at this time, they will be bound by any judgment or settlement but precluded from recovering in settlement proceeds.

NEXT STEPS

Due to the passive nature of registering at this stage – no cost/discovery/anonymity risk or requirements of signing joining document – FRT can automate your registration in the Woolworths action at this time. For more information on this case or FRT Group Litigation Recovery Service, please contact us at learnmore@frtservices.com.

Learn More

FRT has issued the following alerts to FRT Global clients:

  • Preliminary Alert: June 26, 2017
  • Full Alert: July 14, 2017
  • Update Alert: August 8, 2018
  • Passive Alert: Coming Soon

For more information on this case or FRT’s Passive Group Litigation solution, please contact your FRT Account Manager or email us at learnmore@frtservices.com.

Additional resources:

About FRT

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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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