STOCKHOLDERS – LEGAL STATUS

Nexus investors lash ASIC inaction

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Original article by Leo Shanahan
The Australian – Page: 23 : 20-Nov-14

Piper Alderman lawyer Amanda Banton, who represents investors in Nexus Energy opposed to its acquisition by Seven Group Holdings, has criticised the Australian Securities & Investments Commission. The watchdog has taken no action after Seven made a low offer of $A0.02 and then moved to buy the collapsed Nexus following the rejection by stockholders of the original bid. A major issue is the dual role of Don Voelte as Seven CEO and Nexus chair

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, NEXUS ENERGY LIMITED – ASX NXS, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, PIPER ALDERMAN, AZURE CAPITAL PTY LTD, LIBERAL PARTY OF AUSTRALIA, SUPREME COURT OF NEW SOUTH WALES

Shareholders target Voelte in Nexus bid

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Original article by Matt Chambers, Sharri Markson, Leo Shanahan
The Australian – Page: 23 : 12-Nov-14

Conglomerate Seven Group Holdings plans to take over Nexus Energy for $A180m, following the latter’s collapse after its board rejected an offer by Seven worth just $A0.02 a share. The fact that Seven CEO Don Voelte also had the role of chair at the gas group has sparked complaints by Nexus investors to the Australian Securities & Investments Commission. Legal action is being launched by stockholders such as Bechtel CEO Andrew Greig, ­Liberal Party president Richard Alston, Karoon Gas executive chair Bob Hosking and Michael Fowler, another ex-Nexus chair

CORPORATES
NEXUS ENERGY LIMITED – ASX NXS, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, KAROON GAS AUSTRALIA LIMITED – ASX KAR, BECHTEL PTY LTD, LIBERAL PARTY OF AUSTRALIA

Ruling may incite more class actions

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Original article by Marianna Papadakis,Hannah Low
The Australian Financial Review – Page: 11 : 21-Aug-14

Canada-based ­International Litigation Funding ­Partners (ILFP) is bankrolling a stockholder class action suit against Allco Finance Group. The Federal Court of Australia will on 21 August 2014 rule on whether ILFP can claim between 22.5% and 35% of any payout under the "common fund" method that covers all plaintiffs, even those who have not specifically agreed to be part of the funding arrangement. The decision will have an impact on other current class actions, involving major banks and telcos

CORPORATES
INTERNATIONAL LITIGATION FUNDING PARTNERS INCORPORATED,ALLCO FINANCE GROUP LIMITED,FEDERAL COURT OF AUSTRALIA,BENTHAM IMF LIMITED – ASX IMF,KPMG AUSTRALIA PTY LTD,MAURICE BLACKBURN PTY LTD,CLAIMS FUNDING AUSTRALIA PTY LTD,CLAIMS FUNDING EUROPE,NATIONAL AUSTRALIA BANK LIMITED – ASX NAB,SUPREME COURT OF VICTORIA,MODTECH ENGINEERING PTY LTD,GPT MANAGEMENT LIMITED,UNIVERSITY OF NEW SOUTH WALES,KING AND WOOD MALLESONS,AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ,CITIBANK PTY LTD,WESTPAC BANKING CORPORATION – ASX WBC,AUSTRALIAN COMMUNICATIONS CONSUMER ACTION NETWORK LIMITED,TELSTRA CORPORATION LIMITED – ASX TLS,SINGTEL OPTUS PTY LTD,SINGAPORE TELECOMMUNICATIONS LIMITED – ASX SGT,VODAFONE HUTCHISON AUSTRALIA PTY LTD,HARBOUR LITIGATION FUNDING LIMITED

Newcrest ‘slow to lower its forecasts’

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Original article by Matt Chambers
The Australian – Page: 18 : 23-Jul-14

The Federal Court of Australia is hearing a class action suit against Newcrest Mining, brought by law firm Slater & Gordon on behalf of investors who bought shares in the gold producer between 13 August 2012 and 6 June 2013. It is being claimed that the company was aware close to 12 months before it disclosed this officially to the stock market that its output estimates were flawed. Newcrest has now noted that the case’s scope is wider than its selective briefing of analysts, which recently prompted a settlement worth $A1.2bn with the Australian Securities & Investments Commission

CORPORATES
NEWCREST MINING LIMITED – ASX NCM|SLATER AND GORDON LIMITED – ASX SGH|AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION|FEDERAL COURT OF AUSTRALIA|LIHIR GOLD LIMITED

Treasury Wine class action launched

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Original article by Pia Akerman
The Australian – Page: 21 : 3-Jul-14

Treasury Wine Estates (TWE) will defend a class action that claims it misled the market. Law firm Maurice Blackburn lodged the case in the Federal Court of Australia on 2 July 2014. The suit alleges that TWE failed to manage its inventory and should have known that writedowns were inevitable, but it did not inform the market. The claim is on behalf of 619 shareholders, who suffered losses after the $A190 million writedown

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, MAURICE BLACKBURN PTY LTD, FEDERAL COURT OF AUSTRALIA, BENTHAM IMF LIMITED – ASX IMF, SUPREME COURT OF VICTORIA