Claim settled before filing.
Solicitors for Applicant
It was alleged that in 2008, Transpacific failed to make timely disclosure to investors of material information regarding its earnings and forecasts causing its share price to be inflated between 28 February 2008 and 16 February 2009.
Settlement proceeds were payable as to $25m by June 2012 and up to a further $10m was deferred until 30 June 2014.
Shareholders that acquired an interest in Transpacific ordinary shares between 28 February 2008 and 16 February 2009.
Cost of Claim
IMF recognised revenue of $13.1m and a profit of $10.5m before tax.