This proceeding (Hawyard proceeding) was consolidated with proceeding number VID1375/2017 (Pawel Kuterba v Sirtex Medical Limited) (Kuterba proceeding) by order on 30 April 2018.
Victoria Registry, Federal Court of Australia (VID91/2017).
Date of Filing
9 February 2017.
Solicitors for Applicant
Portfolio Law Pty Ltd.
Solicitors for Respondents
Watson Mangioni Lawyers.
BSL Litigation Partners Limited.
Summary of Claim
On 24 August 2016, Sirtex disclosed to the market that it forecast “double digit dose sales growth [of SIR-Spheres] to continue in the 2017 financial year (“FY2017”).
The applicant alleges that Sirtex had no reasonable grounds for making this representation and accordingly the representation is taken to be misleading or deceptive.
On 9 December 2016, Sirtex made a corrective disclosure of their full year growth in dose sales to be in the range of 5%-11%.
The applicant alleges that Sirtex became aware of material information about the FY2017 forecasts no later than 26 October 2016 and failed to disclose this information to the market.
The applicant alleges that in the period from 24 August 2016 until the commencement of trading on 9 December 2016 that the price for SRX ED securities was inflated because the market did not know:
- that Sirtex had represented that Sirtex would have double digit dose sales growth in FY2017 when Sirtex had no reasonable grounds for making that representation; and
- the material information about the FY2017 forecasts to the ASX which Sirtex first disclosed to the market on 9 December 2016.
The claim was brought by Mr Hayward (“the applicant”) on his own behalf and on behalf of all persons who acquired ordinary shares in Sirtex on or after 24 August 2016 and who held any of those shares at the commencement of trading on 9 December 2016.
Capacity to Join
Maurice Blackburn be the solicitors on the record for the Joint Applicants in the consolidated proceeding and shall have responsibility for the conduct of the consolidated proceeding.