Hastie Group Ltd Investor Class Action

A class action against Deloitte Touche Tohmatsu and Deloitte Corporate Finance Pty Ltd (the Deloitte entities) was filed on behalf of the lead applicant and group members in the Federal Court of Australia on 13 June 2017.

Background

On 17 June 2011, Hastie Group Limited (Hastie) lodged a prospectus with the ASX which gave details about the opportunity to invest in a $160 million capital raising (Prospectus).

The proceedings alleged that the Deloitte entities contravened sections of the Corporations Act, the ASIC Act, and the Australian Consumer Law in giving certain assurances contained in the Prospectus and other documents. The assurances given by the Deloitte entities related to the reliability and accuracy of Hastie's financial statements and earnings forecasts.

The proceedings were brought by the lead applicant on behalf of persons who acquired an interest in shares in Hastie in the period from 14 June 2011 to 21 February 2012 (inclusive) and who entered into a litigation funding agreement with Omni Bridgeway Limited in relation to the proceeding on or before 9 June 2017.

The representative applicant and class members were represented by Phi Finney McDonald.

Current Stage of Case

Proceedings were filed in the Federal Court of Australia on 13 June 2017.

On 26 May 2023, the parties reached an agreement to settle the proceedings for $18.5 million, conditional on the approval of the Federal Court, which was granted on 19 October 2023.

A solicitor at Phi Finney McDonald was appointed to administrate the Settlement Distribution Scheme.

The proceedings have now concluded.

Proceedings

Court: Federal Court of Australia (NSW District Registry, General Division)
Plaintiff/Applicant: Sadie Ville Pty Ltd (As Trustee for Sadie Ville Superannuation Fund)
Defendant/Respondent: Deloitte Touche Tohmatsu (A Firm) and Deloitte Corporate Finance Pty Limited

Contact Details

Omni Bridgeway Client Liaison Team
1800 016 464
[email protected]