Slater & Gordon files class action against GPT Group
Slater and Gordon has filed a representative proceeding against the GPT Group in the Federal Court of Australia (GPT), alleging that the company engaged in misleading and deceptive conduct.
According to the law firm, the claim has been brought on behalf of investors who acquired stapled securities between 27 February 2008 and 6 July 2008. Those investors proceeded to execute litigation funding agreements with Comprehensive Legal Funding LLC as at 7 December 2008.
Slater and Gordon practice group leader Ben Phi confirmed that the firm would be representing a "large number of institutional and retail investors that acquired stapled securities" during the aforementioned period, and proceedings were now underway "following a failed attempt to resolve the matter at mediation".
The claim alleged that GPT engaged in misleading conduct in relation to - and breached its continuous disclosure obligations following - the 2008 earnings and distribution guidance that accompanied the release of its 2007 Full Year Statutory Accounts.
The class action is now closed to new members, but Slater and Gordon stated that GPT investors who did not execute litigation funding agreements before 7 December 2008 can register their details on the firm's website.
AUTHOR
Andrew Tsanadis
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