A class action was commenced in the Federal Court of Australia by Richard John Findlay Bradgate as Trustee of the Bradgate Superannuation Fund (Mr Bradgate) against Ashley Services Group Limited (Ashley) (Federal Court Proceedings numbered NSD2074/2016).
The claim arose out of allegedly misleading statements and material omissions made in Ashley's prospectuses issued prior to its listing, and allegedly misleading representations and failures to comply with continuous disclosure obligations by Ashley which occurred after its listing. It was alleged that such conduct caused loss and damage to Ashley shareholders who acquired Ashley shares pursuant to Ashley's prospectus dated 7 August 2014 or in the period from 21 August 2014 to 26 April 2015 (Relevant Period).