The parties reached an agreement to settle the class action in December 2019, subject to Court approval.
Settlement Approval Hearing is scheduled on 28 April 2020.
Australian Capital Territory Registry, Federal Court of Australia (ACD93/2016).
Date of Filing
23 November 2016.
Inabu Pty Ltd ATF Alidas Superannuation Fund v CIMIC Group Limited.
Solicitors for Applicant
Maurice Blackburn Lawyers.
Solicitors for Respondent
Harbour Litigation Funding.
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.
The class action was filed on behalf of shareholders who acquired an interest in CIMIC shares during the period 23 November 2010 to 3 October 2013 and had suffered loss or damage by reason of the conduct of the respondent.
Capacity to Join