Hundreds register for potential class action against infant milk formula maker Bellamy’s – eDairyNews
Countries Australia |16 diciembre, 2016

Foreing trade | Hundreds register for potential class action against infant milk formula maker Bellamy’s

MORE than 200 people have registered for a potential class action against Bellamy’s Australia Limited over the dramatic fall in its share price. By NICK CLARK.

Victorian law firm Maurice Blackburn publicised a potential class action on behalf of shareholders against the infant milk formula maker late yesterday.

Bellamy’s shares dropped from $12.09 to $6.68 on December 2 after issuing a business update which referred to “temporary volume dislocation” and price problems in the China market.

The Launceston-based company’s shares are suspended until December 21 while management gathers more detail on its likely results for the second half of the financial year.

The Australian Securities Exchange has already queried the company on whether it made the market aware as soon as the information was known.

Maurice Blackburn is investigating a claim against Bellamy’s for alleged breaches of its continuous disclosure obligations and its conduct regarding its infant formula trade with China.

“When the company eventually informed the market of its lower than expected revenue in December this year, the share price almost halved in a single day and Bellamy’s market capitalisation was slashed by over $500 million in the two trading days that followed,” class action principal Ben Slade said.

Maurice Blackburn has suggested that people who purchased shares this year between April 14 and December 1 may be eligible to participate.

Bellamy’s told the market on December 2 that its expected revenue would be about $240 million for 2016-17, down from a forecast of $240-260 million in May and down from analysts’ consensus of $360-380 million.
Source: TheMercury

Link: http://www.themercury.com.au/news/tasmania/hundreds-register-for-potential-class-action-against-infant-milk-formula-maker-bellamys/news-story/30b5b9261bc8b808b381e54f879745c2

Legal notice on Intellectual Property in digital content

All information contained in these pages that is NOT the property of eDairy News and is NOT considered "in the public domain" by legal regulations, are trademarks of their respective owners and recognized by our company as such. The publication on the eDairy News website is made for the purpose of gathering information, respecting the norms contained in the Berne Convention for the Protection of Literary and Artistic Works; in Law 11.723 and other applicable norms.

Any claim arising from the information contained on the eDairy News website will be submitted to the jurisdiction of the Ordinary Courts of the First Judicial District of the Province of Córdoba, Argentine Republic, with a seat in the City of Córdoba, to the exclusion of any another jurisdiction, including the Federal.

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

Related news