|Claim Period:||20 October 2016 to 19 February 2017|
|Shares traded in Period (m):||1,232|
|Price change on disclosure:||$1.04 (-9.9%)|
|Market Cap Drop ($m):||$1,652m|
Victoria Registry, Federal Court of Australia (VID1006/2018).
Date of Filing
14 August 2018.
William Vincent Kidd And Mary Agnes Collum As Trustees For The Magness-Bennett Superannuation Fund V Brambles Limited.
Solicitors for Applicant
Maurice Blackburn Lawyers.
Solicitors for Respondent
Harbour Fund III, L.P.
On 18 August 2016, Brambles published its Annual Report and gave guidance regarding sales growth of 7% to 9% and profit growth of 9% to 11%.
On 20 February 2017 Brambles published its results for the first half of FY17, providing revised guidance of sales growth around 5% and profit growth of 0%.
The market reacted strongly, with price drops of almost 16% on 23 January 2017 (with a trading volume of 19.3 million) and 10% on 20 February 2017 (with a trading volume of 21.7 million, around five times greater than the average volume over the previous 12 months).
Shareholders who acquired an interest in Brambles shares traded on the ASX during the period 20 October 2016 to 19 February 2017 inclusive.
Capacity to Join
- On 26 October 2018, the first case management hearings in this proceeding and the related class action filed against Brambles by Slater & Gordon were heard together in the Federal Court of Australia before the Honourable Justice Murphy.
- The matter is listed for a further hearing on 27 February 2019.