|Claim Period:||18 April 2017 and 28 February 2018|
|Shares traded in Period (m):||311|
|Price change on disclosure:||$0.75|
|Market Cap Drop ($m):||137|
Solicitors for Applicant
Phi Finney McDonald.
During the trading period 11 to 18 December 2017, RFG’s share price fell $1.75 (approximately 40%).
On 2 March 2018, in its 2018 half year results, RFG disclosed a significant deterioration in the performance of its domestic franchise division, substantial asset impairments, and a proposal for 160-200 outlet closures by 2019 to address further financial deterioration for the Company.
RFG was reinstated to quotation on 5 March 2018. The market reaction was immediate and visceral. By the close of trade, RFG’s share price had fallen a further $0.75 (approximately 36.5%).
Potential Class Members
The proposed claim is open to all current and former RFG shareholders who acquired RFG shares at any time between 18 April 2017 and 28 February 2018 (inclusive).
Capacity to Join
Open to sign-up; Pre-proceedings.
Competing Class Actions
Maurice Blackburn has concluded its investigation into a shareholder class action against Retail Food Group (RFG). They have decided that they will not be proceeding with a claim.
After reviewing documentation, and based on the merits of the case, Bannister Law had been unable to secure funding and decided not to pursue the case.