Forge Group Limited (in Liquidation)

Forge Group Limited (in Liquidation)

Investor class action against collapsed engineering company and directors (settled 2019).

Omni Bridgeway funded an investor class action against collapsed engineering company Forge Group Ltd (in Liquidation) and two past directors of the company seeking damages for shareholder losses  following corrective disclosure of information about the company. The alleged misleading or deceptive conduct and breaches of continuous disclosure related to the company’s future revenue and earnings performance. Specifically, it was alleged Forge knew or should have known about, and disclosed, problems with the West Angelas and Diamantina power station construction projects from early 2012. Forge went into liquidation in February 2014. On 6 June 2019, the respondents made an offer to settle the claims the subject of the class action, inclusive of legal costs, expenses and interest.

Proceedings

Court

Federal Court of Australia (NSW District Registry, General Division)

Plaintiff/Applicant

Rushleigh Services Pty Ltd as trustee for Taboga Superannuation Fund.

Defendant/Respondent

Peter Geoffrey Hutchinson and David Michael Simpson (former directors of Forge) Chubb Insurance Australia Limited, Allianz Australia Insurance Limited, and Swiss Re International SE (insurers on risk for, and standing in the shoes of, Forge)