Claims

 

 

ASX Code: WOR
ISIN: AU000000WOR2
Claim Period: 14 August 2013 to 19 November 2013
Shares traded in Period (m): 61.8
Price change on disclosure: -$5.59
Market Cap Drop ($m): 1,361.1
Registry

NSW Registry, Federal Court of Australia (NSD 1292/2015)
(Joanne Walsh has also filed a claim in the Supreme Court of Victoria (SCI 2015/04712, with class members in the period from 1 August 2013 to 19 November 2013).

File Title

Larry Crowley v Worley Parsons Limited.

Date of Filing

28 October 2015.

Presiding Judge

Justice Foster.

Justice Jagot.

Solicitors for Applicant

Shine Lawyers.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

JustKapital Litigation Pty Ltd.

Claim Overview

In its 2013 annual report, released on 14 August 2013, WOR announced a FY2013 profit of $322m, and that it expected to achieve improved earnings across all sectors in FY2014.

On 10 October 2013, WOR held a strategy presentation for the investment community, reiterating that it expected ‘improved earnings FY14 across all sectors’.

On 20 November 2013, WOR issued a release to the ASX announcing a downgraded forecast underlying NPAT for FY2014 of $260 million to $300 million. The corrective disclosure of 20 November 2013 represented a 7 to 19 percent profit downgrade against its FY2013 FY2013 result. The class action will allege that this disclosure resulted in a 26% fall in the WOR share price, from $21.59 to $16. The price drop reduced the market cap of WOR by ~$1.375 billion.

It is alleged that WOR failed to keep the market fully informed of its true earnings position and that it did not have reasonable grounds for making the forecasts in August and October 2013.

Class Members

People who:
(a) acquired an interest in Worley Parson (‘WOR’) Securities during the period 14 August 2013 to 19 November 2013 (‘the Period’); and
(b) have, at the commencement of the proceeding, entered into a litigation funding agreement (‘LFA’) in relation to the proceeding.

Capacity to Join

Registration for the WorleyParsons class action is currently closed. If the class action does not settle at mediation and goes to hearing, there will likely be a further opportunity to register for the class action.

Current Status

The new trial date of 28 August 2019 was set down at a case management hearing on 20 March 2019. The hearing will run until 25 September and then pick up again for a week starting 4 November.

Competing Class Action
Registry

Supreme Court of Victoria (SCI2014/04712).

File Title

Joanne Walsh v Worley Parsons Limited.

Presiding Judge

Justice Almond.

Justice Cameron.

Solicitors for Applicant

Stewart Peters.

Solicitors for Respondent

Herbert Smith Freehills.

Capacity to Join

Closed.

Current Status

Permanently Stayed.