UGL Limited Class Action

UGL Limited Class Action

A class action was commenced in the Federal Court of Australia by Clime Capital Limited (ACN 106 282 777) against UGL Pty Limited (UGL) (Federal Court proceeding number VID1390/2017), funded by Omni Bridgeway Limited (Omni Bridgeway).

The claim alleges that between 16 April 2014 and 5 November 2014 UGL breached its obligations of continuous disclosure, in contravention of the Corporations Act 2001 (Cth), by failing to disclose that UGL's 'Ichthys power project' was running behind schedule and was subject to increased project costs.

Claim overview

The UGL Class Action was commenced in the Federal Court of Australia on 18 December 2017 and the Amended Statement of Claim alleges that:

1. UGL engaged in misleading and/or deceptive conduct, and breached its obligations of continuous disclosure, in contravention of sections 1041H(1) and 674(2) of the Corporations Act 2001 (Cth) (Act) and the ASX Listing Rules, between the period 16 April 2014 and 5 November 2014 inclusive (claim period); and consequently
2. persons who purchased UGL shares within the claim period have suffered compensable loss.

The Respondent to the class action is UGL Pty Limited.

The detailed allegations are set out in the Applicant's Amended Statement of Claim.

Current stage of case

A settlement has been reached in the UGL class action which is subject to Court approval. A Court approved Notice about the proposed settlement can be viewed here.

Participating in the case

If you would like further information about the status of the UGL Limited Class Action please contact Omni Bridgeway by email at [email protected] 
or by telephone 1800 016 464.