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Case Update: Vocus Group reaches $35m (AUD) settlement

 

Law firm Slater & Gordon announces a conditional agreement for a $35m (AUD) settlement on December 23rd, 2019. 

 

CompanyVocus Group Ltd
JurisdictionAustralia
ExchangeASX
IndustryTelecommunications
ClaimsBreach of continuous disclosure obligations, and misleading and deceptive conduct
Relevant Period29 November 2016 – 3 May 2017
Participation Deadline13 August 2019

Case Background

In April 2019, investors brought claims against Vocus Group Ltd., (“Vocus”), an Australian telecommunications company that provides a wide array of targeted services through its telecommunications infrastructure platform. As we have previously discussed (read our case spotlight), Vocus Group is being investigated for downgrading its FY2017 profit guidance. As a result of the announcement, Vocus’s share price dropped by 26% with a $540 million drop in shareholder equity.

Past Registration Deadline

Pursuant to the orders of the Court, all registrations were to be submitted by 13 August 2019 (the Class Deadline).

Updates

Law firm Slater & Gordon agreed to settle (subject to court approval) for $35m AUD on 23 December 2019. Click here to read the Australian Financial Review article for more information (subscription may be needed). 

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