ASX Shareholder Claims

Macmahon – $6.7m

 

 

ASX Code: MAH
ISIN: AU000000MAH3
Claim Period: 02 May 2012 to 18 September 2012
Shares traded in Period (m): 245
Price change on disclosure: -$0.21
Market Cap Drop ($m): 152
Registry

NSW Registry, Federal Court of Australia (NSD1346/2015).

File Title

David Scott Hopkins v Macmahon Holdings Ltd (NSD 1346/2015).

Date of Filing

5 November 2015.

Presiding Judge

Justice Jagot.

Solicitors for Applicant

ACA Lawyers.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

Harbour Fund II, L.P.

Claim Overview

The claim alleged that Macmahon:

  • made misleading representations as to its financial performance in the financial year ending on 30 June 2013, both in May 2012 and in August 2012; and
  • made misleading representations as to the processes by which it selected projects for which to tender and that it failed to disclose a key risk in relation to the project known as ‘Hope Downs 4 – Rail Earthworks and Bridge Construction’ which it should have known would have a material adverse effect on its financial performance for the financial year ending on 30 June 2013
Class Members
  • acquired shares in Macmahon during the period 10 April 2012 to 18 September 2012 (Relevant Period);
  • suffered loss and damage as a result of the conduct of Macmahon; and
  • is not a related party, related body corporate, associated entity, or an officer or a close associate of Macmahon
Capacity to Join

Closed.

Current Status

Justice Jagot has signed off on a $6.7million settlement in a shareholder class action against mining firm MacMahon Holdings that will see group members get $2.4 million, or 35 percent of the total sum. ACA lawyers, a capped $3 million for its legal costs and disbursements and funder Harbour Litigation Funding a commission of $1.295 million.