Claims

Current Status

Justice Middleton ordered Picher Partners to hand over information about its professional indemnity insurance as well as associated communications with the underwriters to the lead applicants, their lawyers and solicitors for the funders in two shareholder class actions over its role as Slater and Gordon’s auditor on 9 August 2019.

Next Case Management Hearing on 11 October 2019.

Proceeding 1:
Registry

Victoria Registry, Federal Court of Australia (VID1188/2017).

Date of Filing

1 November 2017.

File Title

BABSCAY PTY LTD v PITCHER PARTNERS.

Presiding Judge

Justice Middleton.

Solicitors for Applicant

Johnson Winter & Slattery.

Solicitors for Respondent

Quinn Emanuel Urquhart & Sullivan.

Funder

Vannin Capital.

Claim Overview

The claims allege in both claims that Slater & Gordon and Pitcher Partners made a number of misleading representations in connection with Slater & Gordon’s financial statements, which were audited by Pitcher Partners, and related ASX disclosures in each of the 2012 to 2015 financial years inclusive.

The core allegation in respect of each year is that Slater & Gordon inappropriately recognised conditional (“no win – no fee”) work in progress as revenue, which had the consequence of materially inflating Slater & Gordon’s revenue and profit figures.

Against Pitcher Partners, it is alleged that:

  1. their representation that the financial statements of Slater & Gordon were true and fair and complied with the Australian Accounting Standards was false;
  2. Pitcher Partners did not exercise reasonable skill and care in conducting its audits of Slater &Gordon’s financial statements; and Pitcher Partners could not have had any reasonable basis on which to form the opinion that Slater & Gordon’s financial statements truly and fairly reflected the value of revenues, gains on acquisitions and goodwill in accordance with Australian Accounting Standards; and
  3. the above contraventions caused an artificial inflation in the trading price of Slater & Gordon’s share causing shareholders loss when they acquired Slater & Gordon shares at an inflated share price.
Class Members

Shareholders who acquired shares in Slater & Gordon between 24 August 2012 and 19 November 2015 inclusive.

Capacity to Join

Open.

 

Proceeding 2:
Registry

Victoria Registry, Federal Court of Australia (VID918/2018).

Date of Filing

31 July 2018.

File Title

MATTHEW HALL v PITCHER PARTNERS.

Presiding Judge

Justice Middleton.

Solicitors for Applicant

Maurice Blackburn.

Solicitors for Respondent

Quinn Emanuel Urquhart & Sullivan.

Claim Overview

The statement of claim filed in the Pitcher Partners Class Action alleges that Pitcher Partners breached various provisions of the Corporations Act 2001 and other laws in relation to Pitcher Partners’ audit of SGH for the financial year ending 30 June 2015.  The allegations concern, amongst other things, Pitcher Partners’ accounting treatment of SGH’s acquisition in the United Kingdom of the Professional Services Division from Quindell plc, which SGH announced to the market on 30 March 2015.

Class Members

Shareholders who acquired shares in Slater & Gordon between 30 March 2015 and 24 February 2016.

Capacity to Join

Open.