Claims

Potential Class Action – Estia Health Limited (ASX:EHE)

ICP, which is uniquely focused exclusively on ASX shareholder claims has agreed to fund a shareholder class action to be run by Phi Finney McDonald Lawyers, on behalf of aggrieved Estia investors.

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Background to the allegations

ASX Code: EHE
ISIN: AU000000EHE2
Claim Period: 19 April 2015 to 5 October 2016
Shares traded in Period (m): 234
Price change on disclosure: -$1.86
Market Cap Drop ($m): 484
Nature of Claim

It is alleged that Estia Health Ltd (Estia) engaged in misleading or deceptive conduct, and breached its continuous disclosure obligations by:

  • providing or maintaining earnings guidance for the 2016 and 2017 financial years (FY16 and FY17) which lacked reasonable grounds; and
  • failing to disclose to the market serious difficulties within its business which were likely to have the effect of significantly reducing the company’s future prospects for earnings growth.

We consider that investors who acquired and held Estia shares during the claim period have a reasonable basis to seek to recover from Estia the amount of losses they have suffered by the purchase of those shares.

A pleading is currently being prepared by Phi Finney McDonald in order to commence the class action.

Potential Class Members

Shareholders who acquired an interest in Estia shares traded on the ASX during the period 19 April 2016 to 5 October 2016 inclusive. However, we are seeking trade data from back to 18 February 2016 as the Period may be extended back then, or earlier, if appropriate.

Registration is free and without obligation.