Mesoblast Shareholder Class Action

Mesoblast Shareholder Class Action

Omni Bridgeway has agreed to fund a class action against Mesoblast Limited (ASX:MSB) on behalf of shareholders who acquired Mesoblast shares on the ASX and “over the counter” American Depositary Receipts (ADRs) between 22 February 2018 and 17 December 2020 (Claim Period).

Mesoblast shareholders who acquired shares and ADRs during the Claim Period may be entitled to compensation for losses arising out of Mesoblast’s alleged breaches of its continuous disclosure obligations and/or by Mesoblast engaging in misleading and deceptive conduct.

The class action will be run by law firm Phi Finney McDonald.

Background

The proposed class action concerns Mesoblast’s public statements regarding potential applications of its product known Remestemcel-L (R-L), which has been developed to treat inflammatory diseases.

The proposed class action will concern the following applications of R-L:

  1. first, in respect of the treatment of paediatric patients suffering from steroid refractory acute Graft versus Host Disease (SR-aGVHD application); and
  2. secondly, in respect of patients suffering from acute respiratory distress syndrome (ARDS) caused by COVID-19 (COVID-19 application).

Causes of Action

Broadly, the class action will allege that Mesoblast contravened its continuous disclosure obligations and engaged in misleading or deceptive conduct throughout the Claim Period in relation to both the SR-aGVHD application and COVID-19 application of R-L.

Further details about the claim can be obtained by contacting Omni Bridgeway using the details below.


Will it cost anything to participate in the class action?

The class action is proposed to be funded by Omni Bridgeway on a “no win, no pay” basis in accordance with the terms of a Product Disclosure Statement (PDS) to be made available upon registration of a Litigation Funding Scheme with the Australian Securities and Investments Commission, or terms imposed by the Court. If the class action is successfully resolved and there is a recovery of compensation, Omni Bridgeway will be entitled to reimbursement of the costs it has spent plus a commission from such recovery only.

There are no ‘out of pocket’ costs for class members to pay. Class members do not have to pay anything in the event that the class action is unsuccessful, as Omni Bridgeway agrees to pay any legal costs that might be awarded to Mesoblast or any other respondents.

Register your interest

Further details about the proposed claim will be made available to eligible affected group members who register their interest with Omni Bridgeway below.

If you have any questions you can contact the Omni Bridgeway Client Liaison Team in our Perth office by email on [email protected] or by calling 1800 016 464.

Omni Bridgeway’s funding is subject to the registration of a managed investment scheme (Scheme) in respect of the class action, as required by the class action managed investment scheme reforms introduced by the Australian government in 2020.

Registering an expression of interest with Omni Bridgeway does not represent an offer to participate in the Scheme and is not a commitment by any person to fund a class action or potential class action in respect of the matters set out on this website. Omni Bridgeway also notes the following:


  • Any offer to retail claimants to participate in a Litigation Funding Scheme shall only be done by way of PDS issued in respect of the Scheme;
  • By registering an interest in participating in funded litigation, you consent to the Scheme’s Responsible Entity, Omni Bridgeway Investment Management Limited or Omni Bridgeway Limited (Authorised Representative of Omni Bridgeway Investment Management Limited) (ABN 45 067 298 088, Authorised Representative No 1283703) contacting you and providing further information in relation to litigation funding.
  • To the extent that a PDS is made available, you should consider with or without the assistance of your professional advisers whether or not to participate in the litigation to which the PDS relates.