Activist short seller Bonitas Research must pay Rural Funds Management almost $900,000 after the US-based Bonitas was found to have engaged in misleading or decpetive conduct in issuing a report describing the agricultural fund manager’s equity as “ultimately worthless”.
The hunt for the missing Blackberry of deceased class action lawyer and funder Mark Elliott is over, and the located phone will now be examined by IT experts to see if it can be searched for potential evidence to be used as part of an investigation of alleged professional misconduct by the legal team behind a class action against failed Banksia Securities.
Group members in two settled class actions against clothing retailer Surfstitch have been told the settlement amount available to them has plummeted amid a “very difficult retail environment”.
Construction giant Boral is facing a shareholder class action for allegedly failing to disclose financial irregularities in its US windows business.
BHP has failed in a bid to shut down a class action over the Fundao dam failure pending criminal proceedings in Brazil, with a judge ruling the mining giant would not be prejudiced if the case proceeded for now.
A judge has given his blessing to a $49.7 million settlement of two class actions that alleged infant food maker Bellamy’s misled investors about its China growth strategy and declining market share in Australia.
Hong Kong-based casino group Melco Resorts must hand over documents claimed to be privileged to a NSW public inquiry into James Packer’s Crown Resorts, with an appeals court ruling the inquiry had the power of a royal commission.
The Australian Securities and Investments Commission has scored a victory before the High Court, with the court unanimously finding that the term “officer” under the Corporations Act is not limited to those that hold official positions within a company.
Livestock exporter Wellard is facing a shareholder class action over a profit downgrade following its $300 million initial public offering in 2015.
Agricultural fund management firm Rural Funds Management is seeking over $625,000 in damages from US short seller Bonitas Research, which was found by the NSW Supreme Court to have engaged in misleading and deceptive conduct in a report describing RFM’s equity as “ultimately worthless” that sent the firm’s share price plummeting.