Sirtex Medical Limited Class Action (Former ASX code: SRX)
Registration to receive compensation in proposed AU$40M settlement
Registrations to participate in distribution of proposed settlement monies close 4pm (AEST) on 7 August 2019
If you are a Group Member you should read the Court approved Notice of Proposed Settlement regarding the Sirtex Class Action that is available here.
A class action was commenced in the Federal Court of Australia by Pawel Kuterba (Mr Kuterba) against Sirtex Medical Limited (Sirtex) (Federal Court proceeding number VID1375/2017), funded by IMF Bentham Limited (IMF).
At the time of filing Mr Kuterba’s proceeding, Sirtex was facing another class action in the Federal Court of Australia, brought by Mr Todd Hayward (Mr Hayward), funded by Australian Funding Partners Limited (AFPL).
In the interests of the efficient prosecution of the proceedings against Sirtex, Mr Kuterba, Mr Hayward and their respective funders agreed to consolidate the proceedings into a single proceeding. On 30 April 2018, the Court made orders that:
- Mr Kuterba and Mr Hayward be joint representative applicants in a consolidated proceeding against Sirtex, and Mr Kuterba’s claim be amended to include Mr Hayward’s claim; and
- Maurice Blackburn be the solicitors on the record for the joint applicants in the consolidated proceeding.
The claims arise out of allegedly misleading statements made by Sirtex to the Australian Securities Exchange (ASX) in 2016 in relation to its earnings and sales growth, followed by a further announcement by Sirtex confirming an external investigation into the share trading activities of its then-CEO Gilman Wong. Such conduct is alleged to have caused loss and damage to Sirtex shareholders who acquired an interest in Sirtex shares in the period from 24 August 2016 to 6.09 pm on 16 December 2016 (inclusive) (Relevant Period).
On 7 June 2019, during the second week of the hearing of the proceeding, the parties notified the Court that they had agreed in-principle to settle the Sirtex Class Action for AU$40M, subject to the approval of the Court. The proposed settlement is without admission of liability by Sirtex.
Are you a Group Member?
You are a Group Member in the Sirtex Class Action if you:
- acquired an interest in ordinary shares in Sirtex during the period from 24 August 2016 to 6.09 pm on 16 December 2016 (inclusive);
- have suffered loss or damage by reason of the conduct of Sirtex, as alleged in the Fifth Further Amended Statement of Claim; and
- are not any of the following as at the date of commencement of the proceeding:
- a related party of Sirtex;
- a related body corporate of Sirtex;
- an associated entity of Sirtex; or
- an officer or a close associate of Sirtex.
If you are unsure whether you are a Group Member, you should contact IMF at [email protected]
or by telephone on 1800 016 464, or seek your own legal advice without delay.
If you want to receive compensation you must register below
Unless you have already registered by submitting a Registration Form, retaining Maurice Blackburn and/or entering into a litigation funding agreement with IMF, any person who wishes to receive compensation from the proposed settlement in the Sirtex Class Action must register their status as a Group Member by completing and submitting the Group Member Registration Form to IMF by no later than 4pm (AEDT) on 7 August 2019. You can complete this process by clicking on the Complete Registration Form button below.
Are you already a Registered Group Member?
If you have already submitted a Registration Form, retained Maurice Blackburn and/or entered into a litigation funding agreement with IMF, you do not need to re-register. Some group members have already submitted a Registration Form as part of a registration process that took place in October and November 2018. You were sent a Court-approved notice about this in October 2018.
If you are not sure, you can contact IMF at [email protected] or Maurice Blackburn at [email protected].
More information about the circumstances of the class action and your options in relation to it are available in the Court approved Notice of Proposed Settlement which is also available by clicking this link.