When did Slater and Gordon issue proceedings?
Slater and Gordon, as instructed by the lead plaintiff, commenced a group proceeding (class action) against Ansell Limited (ASX:ANN) (Ansell) on 9 August 2023.
I am/was an Ansell shareholder, Is this relevant to me?
Any person who purchased shares in Ansell at any point between 24 August 2021 to 28 January 2022 (inclusive) may have a claim against Ansell.
You are automatically a group member if you purchased shares in Ansell, and suffered a loss, during the period 24 August 2021 to 28 January 2022 (inclusive).
If you do not wish to participate in the group proceeding, there will be an opportunity for you to opt out of the class action at a future time.
If you do wish to participate in the group proceeding and be entitled to receive compensation if the claim is successful, you will likely be required to formally register your claim at a future time.
You will receive further information about the opt out process and the registration process explaining these options, and any steps that you are required to take at a future date.
How do I express my interest?
To keep updated as the case progresses, register your interest through the form here. It does not and will not cost you anything.
Register your interest
If you purchased Ansell shares between 24 August 2021 and 28 January 2022 (inclusive) you may register your interest by filling out the form by clicking the button below.
What are the allegations?
This group proceeding relates to allegations that Ansell made misleading representations and further, failed to comply with its continuous disclosure obligations as an ASX-listed company, breaching relevant provisions of the Corporations Act 2001 (Cth), the ASIC Act 2001 (Cth) and the Australian Consumer Law.
Slater and Gordon considers that eligible shareholders have claims against Ansell in relation to the company’s downgrade of earnings per share guidance for FY22, which was announced to the ASX on 31 January 2022. In response to the downgrade, Ansell’s share price declined by more than 17%.
The group proceeding alleges that because of this conduct, the Plaintiff and group members paid more for shares in Ansell than would have been the case had the company complied with its obligations. Alternatively, the group proceeding alleges that some group members would not have purchased shares in Ansell had the alleged wrongdoing not occurred.
On what terms are Slater and Gordon acting in the class action?
Slater and Gordon commenced this proceeding on the basis that the Plaintiff would seek a group costs order (GCO) providing that:
- Slater and Gordon’s legal costs would be calculated as a percentage of the amount of any damages award or settlement that may be recovered in the group proceeding;
- The relevant percentage would be approved by the Court before those costs were paid;
- The liability for that payment would be shared by the Plaintiff and all group members in the group proceeding;
- Slater and Gordon would be liable for any costs payable to the Defendant in the proceeding that the Court may order (and not the Plaintiff); and
- If an order is made by the Court that security for costs be provided to the Defendant, Slater and Gordon will provide this security (and not the Plaintiff).
On 22 August 2024, the Court made a GCO that provides that in the event this class action is successful, Slater and Gordon’s legal costs will be calculated as:
- 40% for any portion of a resolution sum up to and including $50 million; and
- 25% for any portion of a resolution sum that exceeds $50 million.
This means that group members are guaranteed to share between them at least 60% of any monetary compensation paid by Ansell, less any Court-approved deductions for settlement administration costs and reimbursement of the plaintiff for his time and effort spent on the proceeding on behalf of group members.
Slater and Gordon’s legal costs in the proceeding will be calculated at a maximum of 40% of any resolution sum on that basis that it will bear the costs of the proceeding and accepts the risk of paying Ansell’s legal costs if the case is unsuccessful. Slater and Gordon will also be required to provide any security the Court orders the plaintiff to provide for Ansell’s costs.
The percentage paid to Slater and Gordon under a GCO is determined by the Court, and the Court may adjust the percentage at any time over the course of the group proceeding, including following a successful outcome.
We confirm that you will not be exposed to any out-of-pocket costs for Slater and Gordon to act on your behalf.
It does not — and will not — cost you anything to express your interest in this class action.
Frequently Asked Questions
A class action is a type of legal claim, where one person files a claim with the Court as the representative on behalf of people who have been affected or claims that arise out of the same, similar or related circumstances. It’s a way of hearing related claims together that is efficient and cost-effective for all the affected parties and the Court, because of how similar those claims are.
You may register your interest if you purchased Ansell shares between 24 August 2021 and 28 January 2022 inclusive.
If you are unsure about your eligibility, please contact our team at ansell@slatergordon.com.au.
No.
The claim has been issued on an “open class basis”. This means that individuals who purchased shares within the claim period and suffered a loss, are automatically included in the proceeding without the need to register their interest. In order to be entitled to receive any compensation obtained through the proceeding, individuals who meet this definition will likely be invited by the Court during the course of the proceedings to formally register their claims OR opt out of the class action.
The benefit or registering your interest means you will be automatically kept up to date as to the progress of the investigation and will not have to take any further steps to register your claim through the Court ordered registration process.
You will not be exposed to any out-of-pocket expenses, ever.
By registering your interest, you are asking Slater and Gordon to provide you with updated information in relation to the class action and assist you with any future Court-ordered registration process required to formally secure your claim for any compensation obtained in the proceeding.