ASX Shareholder Claims

Current Status

On 5 May 2020 the Court ordered the proceeding be dismissed by consent.

Registry

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

Date of Filing

29 December 2016.

File Title

TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited.

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 alleged 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.

Judgments

1. TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited [2019] FCA 1747 (24 October 2019)