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A class action against Deloitte Touche Tohmatsu and Deloitte Corporate Finance Pty Ltd (the Deloitte entities) was filed on behalf of the lead applicant, Sadie Ville Pty Ltd (as Trustee for the Sadie Ville Superannuation Fund) and group members in the Federal Court of Australia on 13 June 2017.
On 17 June 2011, Hastie Group Limited (Hastie) lodged a prospectus with the ASX which gave details about the opportunity to invest in a $160 million capital raising (Prospectus).
The proceedings allege that the Deloitte entities contravened sections of the Corporations Act, the ASIC Act, and the Australian Consumer Law in giving certain assurances contained in the Prospectus and other documents. The assurances given by the Deloitte entities related to the reliability and accuracy of Hastie's financial statements and earnings forecasts.
The proceedings are brought by the lead applicant on behalf of persons who acquired an interest in shares in Hastie in the period from 14 June 2011 to 21 February 2012 (inclusive) and who entered into a litigation funding agreement with Omni Bridgeway Limited in relation to the proceeding on or before 9 June 2017 (as well as two other entities).