Victorian Registry, Federal Court of Australia (VID1380/2006).
Proceedings were launched in 2006 by Maurice Blackburn. The case was brought by P Dawson Nominees Pty Ltd and Fred Hart on their own behalf and on behalf of investors who purchased or acquired an interest in Multiplex securities during the period 2 August 2004 and 30 May 2005.
The Applicants alleged that, from 2 August 2004 until 30 May 2005, Multiplex breached the continuous disclosure provisions of the ASX Listing Rules and the Corporations Act and engaged in misleading or deceptive conduct by not properly disclosing to investors and the ASX all the information regarding the material cost increases and delays in the construction of the Wembley National Stadium, West India Quay and the Brisbane Airport Heavy Maintenance Hangar. The consequences of these cost increases and delays on the Multiplex Group earnings forecast were not communicated to investors.
Subsequent revelations about these matters in February and May 2005 led to dramatic falls in the share price.
1. Subpoena (ASIC) (12 July 2007).
2. Declassing First Instance (19 July 2007).
3. Subpoena (ASIC) (2 November 2007).
4. Declassing Full Court (21 December 2007).
5. Subpoena (ASIC) (28 April 2009).
6. Subpoena (ASIC) (23 July 2009).
7. Subpoena (KPMG) (15 December 2009).
8. Discovery (4 March 2010).
9. Subpoena (ASIC) (17 March 2010).
10. Discovery (18 March 2010).
11. Settlement Approval (21 September 2010).