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

ACA Lawyers.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

JustKapital Litigation Pty Ltd.

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.

Action Pleaded

(a) On 14 August 2013 WOR provided earnings guidance that it expected to earn NPAT in excess of $322m for FY14;
(b) On 20 November 2013 WOR revised its FY14 NPAT guidance to between $260m and $300m;
(c) Following the revision, WOR Securities’ price fell approximately 26% ($19.15 to $14.20), a drop of $4.95;
(d) WOR did not have reasonable grounds for providing the earnings guidance and engaged in conduct that was misleading or deceptive or was likely to mislead or deceive, thereby contravening s.1041(m)(l) of the Corporations Act.
(e) WOR was aware it did not have reasonable grounds for giving the earnings guidance (the ‘Material Information’) and did not inform the ASX of the Material Information, thereby contravening s.674 of the Corporations Act.

Status of Claim

Consent Orders were made on 27 November 2017, including:

  1. 1 February 2018 was fixed as the last date to opt out.
  2. Any group member who wishes to participate in any settlement must register by 1 February 2018.
  3. All class members will pay to JustKapital from any Resolution Sum their share of the costs and the percentage of the Resolution Sum for which the Funding Agreements provide.
  4. All evidence to be on by 6 July 2018.
  5. A mediation is to be conducted no later than 27 July 2018.
  6. Trial is fixed for 2 weeks between 17 and 28 September 2018.
Next in Court

Case Management Hearing on 18 September 2018.

Judgments

1. Strike Out (27 June 2014).

2. Strike Out (17 October 2014).

3. Strike Out (6 January 2017).

A further claim has been filed as follows.
Registry

Supreme Court of Victoria (SCI2014/04712).

File Title

Joanne Walsh v Worley Parsons Limited.

Presiding Judge

Justice Almond.

Solicitors for Applicant

Stewart Peters.

Solicitors for Respondent

Herbert Smith Freehills.

Status of Claim

Strike out application yet to be fixed for hearing.

Capacity to Join

Open Class.