Claims

Two separate class actions have been commenced in the Federal Court of Australia seeking compensation for shareholders of Quintis Limited.  The two class actions are the DAVIS Class Action and the EXCEL TEXEL Class Action.

Justice Lee has ruled that the overlapping class of shareholders are, by default, group members in the action led by law firm Piper Alderman, unless they have signed up to join the class action run by Gadens, registered their interest in joining the Gadens case, or now decide to opt in to that case.

To help undecided shareholders pick an action, Justice Lee has appointed barrister Caspar Conde, whose job is to offer independent advice on the merits of the two cases. The lawyers and the funders have agreed not to communicate with any retail shareholder in a bid to sway them one way or the other.

The deadline for registration is on 6 August 2019.

Excel Texel Proceeding
Registry

NSW Registry, Federal Court of Australia (NSD1983/2017).

Date of Filing

9 November 2017.

Filing Title

EXCEL TEXEL PTY LTD (AS TRUSTEE FOR THE MANDEX FAMILY TRUST) v QUINTIS LTD.

Presiding Judge

Justice Jagot.

Solicitors for Applicant

Gadens.

Solicitors for Respondents

Johnson Winter & Slattery.

Herbert Smith Freehills.

Bennett + Co.

Funder

Ironbark Funding Navy Pty Ltd.

Claim Overview

The claim seeks recovery from both Quintis and Wilson following a reduction in share value in March 2017 from its peak of $1.47 to the current share price of $0.295 when information was released which contradicted earlier announcements made by Quintis and Wilson in connection with key supply agreements and performance forecasts.

Class Members

The proceeding claims on behalf of shareholders who purchased shares in Quintis from 1 July 2015 to 10 May 2017 (inclusive).

 

Davis Proceeding
Registry

NSW Registry, Federal Court of Australia (NSD862/2018).

Date of Filing

23 May 2018.

Filing Title

GEOFFREY PETER DAVIS & ANOR v QUINTIS LIMITED & ORS.

Presiding Judge

Justice Jagot.

Solicitors for Applicant

Piper Alderman.

Solicitors for Respondents

Johnson Winter & Slattery.

Corrs Chambers Westgarth.

Bennett + Co.

Funder

LCM Operations Pty Limited

Claim Overview

The alleged conduct is that in the Claim Period QIN, Mr Wilson and EY made representations regarding the financial position of QIN in relation to the financial statements for FY2015 and FY2016 that were misleading or deceptive, or false or misleading, in breach of the Corporations Act (Act), because the representations were untrue or without reasonable basis. It is also alleged that EY negligently conducted its audit of the financial statements for FY2015 and FY2016.

Class Members

The members of the class for the Davis Fund Action are those shareholders who acquired QIN shares at any time in the period 31 August 2015 to 15 May 2017.

 

Competing Class Action

Pursuant to Rule 30.11 of the Federal Court Rules 2011 (the Rules), this proceeding Andrew John Wyma v Quintis Ltd & Anor (ABN 97 092 200 854) (NSD1568 of 2017) (before consolidation, the Wyma Proceeding) is consolidated with proceeding (NSD1983 of 2017) (before consolidation, the Excel Proceeding) and the consolidated proceeding is known as Excel Texel Pty Ltd (as trustee for the Mandex Family Trust) & Anor v Quintis Ltd & Anor (No. NSD1983 of 2017) (Consolidated Proceeding).

Registry

NSW Registry, Federal Court of Australia (NSD1568/2017).

Date of Filing

7 September 2017.

Filing Title

ANDREW JOHN WYMA v QUINTIS LTD & Anor.

Presiding Judge

Justice Jagot.

Solicitors for Applicant

Bannister Law.

Solicitors for Respondents

Herbert Smith Freehills.

Funder

JustKapital.

Claim Overview

Quintis lost a contract supplying Galderma on 16 December 2016, but only disclosed that fact to the ASX over 4 months later, on 10 May 2017. Shares fell 44% on the announcement.