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 IMF Bentham Limited (IMF).
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.
Current stage of case
The UGL Class Action was commenced in the Federal Court of Australia on 18 December 2017 and the Amended Statement of Claim alleges that:
- 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
- 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.
The Court made Orders on 23 October 2018 in relation to the commencement and distribution of the Opt Out, Registration and Common Fund Notice (Notice). The deadline to take any steps in relation to the Notice was 30 November 2018.
The Federal Court of Australia intends to refer the UGL Class Action for mediation which is to be conducted by 10 April 2019.
Participating in the case
Registrations have closed. On 23 October 2018 the Court made Orders requiring group members to take steps in relation to their participation in the proceeding before 4PM AEDT on 30 November 2018 (Class Deadline). Group members must have registered by that deadline in order to claim compensation arising from any settlement of the matter.
If you would like further information about the status of the UGL Limited Class Action please contact IMF Bentham by email at [email protected]
or by telephone 1800 016 464.