Class Action – Spotless Group Holdings Limited Limited (ASX:SPO)
| ASX Code: | SPO |
| ISIN: | AU000000SPO4 |
| Claim Period: | On or after 25 August 2015 to 1 December 2015 |
| Shares traded in Period (m): | 713 |
| Price change on disclosure: | -$0.88 |
| Market Cap Drop ($m): | 961 |
Registry
Victoria Registry, Federal Court of Australia (VID561/2017).
Date of Filing
25 May 2017.
File Title
Alison Court v Spotless Group Holdings Limited.
Solicitors for Applicant
Slater & Gordon.
Solicitors for Respondent
Herbert Smith Freehills.
Funder
ICP Capital and Therium.
Presiding Judge
Justice Murphy.
Background
On 25 August 2015 (reconfirmed on 22 October 2015) Spotless announced that “Subject to economics conditions, we expect the FY16 results (EBITDA and NPAT) to materially exceed FY15 results.”
FY15 statutory EBITDA and NPAT was $316.4m and $142.8m, respectively.
On 2 December 2015, Spotless disclosed EBITDA would be flat year on year and NPAT approximately 10% below FY15.
Claim Overview
That Spotless had no reasonable basis for its 25 August and 22 October guidance.
Class Members
Parties who purchased shares in Spotless on or after 25 August 2015 and who held some or all of those shares until 2 December 2015 (the “Period”).
Capacity to Join
As of 28 January 2019, registration for the class action against Spotless Group Holdings Limited (ASX:SPO) is closed to new group members.
Current Status
Key events leading to the 29 June 2020 trial:
- By 21 February 2020, the Respondent is to file its expert evidence.
- By 24 April 2020, the experts of both the Respondent and the Applicant are to have met and attempted to resolve issues in dispute for the purpose of filing a joint report shortly thereafter.
- By 5 June 2020, the Applicant is to file its opening written submissions for trial.
- By 19 June 2020, the Respondent is to file its opening written submission for trial.