Company Woolworths Limited
Claims Breach of continuous disclosure obligations, and misleading and deceptive conduct
Relevant Period November 27, 2014 – February 27, 2015 (inclusive)
Participation Deadline TBD
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.
FRT will continue to monitor for other organizer efforts and filings, and whether or not Maurice Blackburn will ultimately file as open or closed.
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 email@example.com.
U.S. CLAIMS I GLOBAL I ANTITRUST I LITIGATION MONITORING 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.
Follow us on Twitter: @FRTServices
Follow us on LinkedIn: Financial Recovery Technologies
Email us: firstname.lastname@example.org
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.