Bellamy's Australia Limited Class Action
On 23 February 2017, Slater and Gordon Lawyers and litigation funder Omni Bridgeway issued proceedings against Bellamy’s Australia Ltd (BAL) on behalf of persons that acquired BAL securities between 14 April 2016 and immediately prior to the commencement of a trading halt in Bellamy’s securities on 12 December 2016 inclusive. The claim alleged that Bellamy’s:
- Contravened its obligations of continuous disclosure of price sensitive information under section 674 of the Corporations Act 2001 (Cth), by failing to keep the market informed of matters relevant to its FY17 financial performance; and
- Made statements regarding benefits arising from regulatory change in China and in relation to its future growth trajectory which amounted to misleading or deceptive conduct in contravention of section 1041H of the Corporations Act 2001 (Cth).
Current stage of case
On 27 November 2019, the Applicants in the McKay Class Action and the related proceeding, the Basil Class Action, reached an agreement with Bellamy’s Australia Limited to settle both proceedings for the total settlement sum of AUD $49.7m, subject to approval by the Court.
On 13 March 2020, the Honourable Justice Beach of the Federal Court of Australia made orders approving the settlement of the proceedings.
Slater and Gordon have been appointed to administer the Settlement Distribution Scheme for the McKay Class Action.
- McKay Super Solutions Pty Limited (As Trustee for the McKay Super Solutions Fund)
- Bellamy's Australia Limited (ACN 124 272 108)
- Federal Court of Australia (Victorian Registry)