Myer stayed silent after CEO’s ‘cloud cuckoo land’ forecast, court told

Class Actions 2018-08-08 3:03 pm By Christine Caulfield | Melbourne

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Myer had an obligation to correct remarks by former CEO Bernie Brookes in 2014 that the department store expected increased profits the following year, because there was no reasonable basis for the statement, a court heard Wednesday at the start of trial in a shareholder class action alleging the company breached its disclosure obligations to the market.

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