Claims

If you suffered loss from investing in Sims shares, you may have a claim. Register with ICP to obtain further detailed information than the summary below.

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ASX Code: SGM
ISIN: AU000000SGM7
Claim Period: 21 August 2015 to 18 February 2016
Shares traded in Period (m): 150
Price change on disclosure: -$3.69
Market Cap Drop ($m): 755
Background

On 21 August 2015, Sims reaffirmed its FY18 target of $321m EBIT and its guidance that underlying EBIT for FY16 would exceed $142m. On 8 September 2015, Sims confirmed “Results so far on track”, “FY18 target reviewed, realistic and reconfirmed”. However, on 12 November 2015, Sims announced its H116 was currently expected to be around break-even, effectively revising its guidance downward for FY16 underlying EBIT by more than 50% to about $70m. It also did not reconfirm its FY18 target. On 19 February 2016, Sims reported its underlying EBIT for H116 was a loss of $4.8m.

Nature of Claim

William Roberts allege Sims had no reasonable basis for its 21 August 2015 guidance. A pleading is currently being prepared to commence the class action.

Potential Class Members

Parties who purchased shares in Sims Metal on or after:

  • 21 August 2015 and who held some or all of those shares until 12 November 2015; or
  • 12 November 2015 and who held some or all of those shares until 19 February 2016 (the “Period”).
Capacity to Join

Currently open.

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