Claims

Registry

Victoria Registry, Federal Court of Australia (VID1494/2016).

Date of Filing

29 December 2016.

Presiding Judge

Justice Beach.

Solicitors for Applicant

Portfolio Law.

Solicitors for Respondent

Clayton Utz.

Funder

Australian Funding Partners Limited.

Claim Overview

On 11 September 2014, Myer disclosed to the market that it expected to achieve a Net Profit After Tax (NPAT) in excess of $98.5 million in the 2015 financial year.   On 19 March 2015 Myer made an announcement to the ASX foreshadowing a downgrade in NPAT for the 2015 financial year in the range of $75 to $80 million (excluding one-off costs).

This proceeding alleges that:

  • Myer engaged in misleading and deceptive conduct by forecasting that it expected to achieve a NPAT in excess of $98.5 million in the 2015 financial year; and
  • that Myer failed to disclose price sensitive information in a timely manner to the market about the 2015 financial year earnings forecast prior to 19 March 2015.
Class Member

Shareholders who acquired an interest in ordinary shares in Myer during the period 11 September 2014 to 18 March 2015 (inclusive) and still held an interest in some or all of those shares at the commencement of trading on 19 March 2015.

Capacity to Join

Closed.

Current Status
  • By 4.00pm on 5 September 2018, the Applicant file and serve its closing submissions.
  • By 4.00pm on 14 September 2018, the Respondent file and serve its closing submissions.
  • By 4.00pm on 21 September 2018, the Applicant file and serve any submissions in reply.
  • The proceeding be listed for final addresses on 9 and 10 October 2018.
  • The trial be otherwise adjourned until 10.15 am on 5 December 2018 for cross examination of any additional witnesses and 10.15 am on 21 December 2018 for completion of any closing addresses.