Potential Class Action – Estia Health Limited (ASX:EHE)
ICP, which is uniquely focused exclusively on ASX shareholder claims has agreed to fund shareholder class action, subject to sufficient claimant support, to be run by Phi Finney McDonald Lawyers, on behalf of aggrieved Estia investors.REGISTER NOW
Background to the allegations
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.
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.
Shares Traded in the Period
There were 234 million shares traded between 19 April 2016 and 5 October 2016.
Price Drop on Disclosure
$1.86 per share (market capitilisation drop of $484 million).
Registration is free and without obligation.