This class action is closed to new group members.
The following information is an overview of the claim:
It is alleged that on and from 14 April 2016, BAL knew or ought to have known that market consensus concerning forecasts for its FY17 revenue and EBIT margin were materially inconsistent with information known to BAL and relevant to its revenue and EBIT margin outlook. BAL failed to disclose this information until 2 December 2016 and 11 January 2017, respectively. When the market became aware of this information, BAL’s shares dropped $5.57 per share and $2.67 per share, respectively.
Shares Traded in the Period
119.83 million between 14 April 2016 and 1 December 2016 and 41.56 million between 2 December 2016 and the commencement of the trading halt on 12 December 2016.
Price Drop on Disclosure
- $5.57 per share (Market cap drop of $534.5m) between 14 April 2016 and 1 December 2016; and
- $2.67 per share (Market cap drop of $259.7m) between 2 December 2016 and the commencement of the trading halt on 12 December 2016.
Parties who purchased shares in Bellamy’s in the period from 14 April 2016 to immediately prior to the commencement of a trading halt in Bellamy’s Securities on 12 December 2016 (inclusive) and who have signed a funding agreement with ICP on or before 13 September 2017.
Capacity to Join
As of 13 September 2017, registration for the class action against Bellamy’s Australia (ASX:BAL) is closed to new group members.
A case management hearing was held on 8 March 2019 when a timetable for the exchange of evidence and other pre-trial steps was agreed to. The trial does not start until 10 August 2020.
Steps before the trial include:
- By 5 August 2019, the Applicants are to file their lay evidence;
- By 4 November 2019, the Applicants are to file their expert evidence;
- By 2 March 2020, Bellamy’s is to file its lay evidence;
- By 24 April 2020, Bellamy’s is to file its expert evidence; and
- By 12 June 2020, the Applicants are to file any expert evidence in reply.
The parties will return to Court for a case management hearing on 7 February 2020 to address any outstanding pre-trial issues.
- Second Further Amended Statement of Claim (redacted – sealed)
- Amended Originating Application
- Redacted Defence to Second Further Amended Statement of Claim
- Federal Court of Australia judgment delivered on 18 August 2017
- Orders made by the Federal Court of Australia on 14 September 2018
Competing Class Action
The Basil claim is proceeding concurrently with McKay Super Solutions Pty Ltd v Bellamy’s Australia Limited filed on 23 February 2017 by Slater & Gordon and funded by IMF.