| Concept Sports MPA by the Shareholders |
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| Date of Funding: | 12 Nov 2004 |
| Plaintiff: | Shareholders of Concept Sports |
| Defendant: | Concept Sports Ltd, Directors and Pitcher Partners |
| Court: | Federal Court (Victoria) |
| Cause of Action: | The action was by persons who acquired an interest in shares in Concept Sports Ltd between 25 May 2004 and 18 August 2004. Concept Sports listed on the Australian Stock Exchange on 10 June 2004. On 18 August 2004 Concept Sports announced that it would not meet its prospectus forecasts for the six months ended 30 June 2004 and its share price fell dramatically.
The claim alleged:
(a) the prospectus issued by Concept Sports dated 18 May 2004 did not contain all of the information investors and their professional advisors would reasonably require to make an informed assessment of the financial position and performance, profits and losses and prospects of Concept Sports;
(b) statements and representations were made in the prospectus which were misleading and deceptive; and
(c) there were breaches of the continuous disclosure obligations.
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| Result: | The case settled in September 2006 following mediation and IMF received $0.7m on a direct outlay of $0.55m. |
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