|Claim Period:||21 August 2014 to 26 April 2015|
|Shares traded in Period($m):||84.5, with 59.5m shares issued through the IPO|
|Price change on disclosure:||-$0.69|
|Market Cap Drop ($m):||104|
New South Wales Registry, Federal Court of Australia (NSD2074/2016).
Richard John Findlay Bradgate as Trustee of the Bradgate Superannuation Fund v Ashley Services Group Limited.
Date of Filing
30 November 2016.
Solicitors for Applicant
Solicitors for Respondent
Herbert Smith Freehills.
William Roberts alleged the prospectus ought to have been updated to reflect the poor trading conditions and significant underperformance in the two months prior to the bookbuild. In particular, it is alleged Ashley Services breached the Corporations Act by providing misleading information concerning its expected profitability in its prospectus.
Shareholders who acquired Ashley shares pursuant to Ashley’s prospectus dated 7 August 2014 or in the period from 21 August 2014 to 26 April 2015.
Capacity to Join
The Federal Court has approved a $14.6 million class action settlement with private training company Ashley Services, auditors Deloitte and Grant Thornton and Holmes Management Group, with IMF Bentham receiving around $4.8 million for funding the litigation.
Settlement approved (13 June 2019).