Claims

ASX Code: BXB
ISIN: AU000000BXB1
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
Registry

Victoria Registry, Federal Court of Australia (VID1006/2018).

Date of Filing

14 August 2018.

File Title

William Vincent Kidd And Mary Agnes Collum As Trustees For The Magness-Bennett Superannuation Fund V Brambles Limited.

Presiding Judge

Justice Murphy.

Solicitors for Applicant

Maurice Blackburn Lawyers.

Solicitors for Respondent

Allens.

Funder

Harbour Fund III, L.P.

Claim Overview

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).

Class Members

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

Open.

Current Status
  • 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.