Brambles Class Action
You can register for the Brambles Class Action now by clicking on the “Register” button below.
Any group member who has not previously registered their claim in the Brambles Class Action, and wishes to, should do so by 4:00pm AEST on 26 July 2022 (Registration Deadline)
There may be consequences for group members who do not register their claim by the Registration Deadline. These are explained below under the heading ‘Why register?’, and in the Registration Notice available in the ‘Key Documents’ section.
What is the Brambles class action about?
The Brambles Class Action, is brought by the Applicants, Holly Southernwood and William Vincent Kidd and Mary Agnes Collum as Trustees for The Magness-Bennett Superannuation Fund, on their own behalf and on behalf of all shareholders who acquired Brambles shares during the period 18 August 2016 and 17 February 2017 (inclusive).
The Applicants are being jointly represented by Slater and Gordon and Maurice Blackburn. The Brambles Class Action is being jointly funded as it progresses in relation to common issues by litigation funders Harbour Fund III, L.P. (Harbour
) and Omni Bridgeway Ltd (Omni Bridgeway
It is alleged that group members have claims against Brambles in relation to guidance provided by the company in its FY16 results (and reaffirmed on subsequent dates) regarding expected revenue and profit growth during the financial year ending 30 June 2017 (FY17
The Applicants’ claim alleges that between 18 August 2016 and 17 February 2017 (inclusive) (the Claim Period):
- Brambles made representations to investors in relation to its FY17 financial forecasts that were misleading and/or lacked a reasonable basis;
- Brambles breached its continuous disclosure obligations under the ASX Listing Rules and the Corporations Act 2001 (Cth) by failing to revise earlier its FY17 forecasts and release material information; and
- as a result, investors who purchased Brambles shares at any time during the Claim Period suffered compensable loss. The allegations made by the Applicants in the class action are set out in full in the amended consolidated statement of claim filed in the Court.
Brambles has denied the allegations made against it and is defending the action.
Am I a Group Member?
You are a group member if (subject to some limited exceptions) you:
- entered into a contract to acquire an interest in fully paid ordinary shares in Brambles during the period between 18 August 2016 and 17 February 2017 (inclusive); and
- suffered loss or damage by reason of the conduct of Brambles, as alleged in the Applicants’ Amended Statement of Claim
How much will it cost to be part of the class action?
The class action is being run on a no win - no pay basis, with all costs fully underwritten by Omni Bridgeway and Harbour.
You will not be liable for any legal costs unless and until there is a successful outcome in the case (and then only by way of a deduction from any amount to which you are entitled from that successful outcome). You will not be required to pay any upfront or out-of-pocket costs in relation to the class action as it progresses in relation to common issues.
In other words, costs are only payable by group members if, and only in the event, a successful outcome is achieved either at settlement or by judgment.
If the proceeding settles prior to 14 days after the conclusion of the trial (currently scheduled to take place between 8 August 2022 and 8 September 2022), the Applicants intend to apply to the Court for an order to limit distribution of settlement money to those group members who registered their claims prior to the Registration Deadline of 26 July 2022.
As a consequence, if you have not already done so, you are encouraged to register for the Brambles Class Action now, by completing and submitting the online registration form by clicking the “registration” button above. Further information is set out in the Registration Notice available below.
If there is anything about which you are unsure, you should seek your own legal advice or contact Omni Bridgeway by email on [email protected] or free call 1800 016 464 for assistance.
You can download the following key documents below: