Class Action – Sims Metal Limited (ASX:SGM)
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.REGISTER NOW
|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|
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.
William Roberts allege Sims had no reasonable basis for its 21 August 2015 guidance.
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
- On 13 May 2019, Rares J ordered that the parties give standard discovery pursuant to r 20.14 of the Federal Court Rules 2011 (Cth) to each other on or before 6 August 2019
- On 28 June 2019, the Court heard the Common Fund Application.
- On 5 July 2019, the Court made orders granting the application.
- The next case management hearing for the matter is listed for 16 August 2019.