Claims

Registry

Australian Capital Territory Registry, Federal Court of Australia (ACD93/2016).

Date of Filing

23 November 2016.

File Title

Inabu Pty Ltd ATF Alidas Superannuation Fund v CIMIC Group Limited.

Presiding Judge

Justice Jagot.

Solicitors for Applicant

Maurice Blackburn Lawyers.

Solicitors for Respondent

Allens.

Funder

Harbour Litigation Funding.

Claim Overview

Inabu alleges that CIMIC failed to comply with its continuous disclosure obligations under Australian corporate laws, and engaged in misleading and deceptive conduct, by withholding from shareholders that senior executives had knowledge, or knowledge of a risk that an offshore subsidiary was, or may have been engaged in corrupt conduct in order to secure construction work in Iraq.

The class action claims that because CIMIC withheld this negative information from as early as November 2010, the share price was higher than it ought to have been until the information was revealed by Fairfax Media in October 2013. It claims that group members are entitled to be compensated for the inflated prices they paid for the shares for the period that CIMIC allegedly withheld market sensitive information.

Class Members

The class action is filed on behalf of shareholders who acquired an interest in CIMIC shares traded on the ASX during the period 29 August 2014 to 6 May 2015.

Capacity to Join

Closed.

Current Status
  • Case Management Hearing was on 9 August 2019:
    1. The strike-out application by CIMIC which was made five months after a three-week trial scheduled for March was vacated due to an application by CIMIC to subpoena thre potential witnesses, former CEOs David Stewart and Wal King and former CFO Bill Wild.
    2. Discovery and further particulars around the CEOs and CFO for the corruption allegations has put off until 4 September.
  • Maurice Blackburn has filed a formal application for indemnity costs, which will be heard by Justice Jagot at an undetermined date in the future.
  • Hearing from 30 March 2020 to 1 May 2020.