What is the Brambles class action about?
This class action, 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).
In the Brambles Class Action, the Applicants are being jointly represented by Maurice Blackburn and Slater and Gordon. 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 become liable for any legal costs simply by remaining a group member or by registering your claim. 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 (and then only by way of a deduction from any amount to which the group members are entitled from that outcome).
How do I sign up?
Registration is optional and is not required at the present time to participate in the Brambles Class Action. However, you are encouraged to register for the Brambles Class Action now, by completing and submitting the online registration form at the “registration” button above. Further information is set out in the opt-out notice regarding registration and other options available to you.
If you wish to become a funded client of either Omni Bridgeway or Harbour you can do so by contacting:
If there is anything about which you are unsure, you should seek your own legal advice or contact:
You can download the following key documents below: