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When did Slater and Gordon issue proceedings?

Slater and Gordon, as instructed by the lead plaintiffs, commenced a group proceeding (class action) against Beach Energy Limited (Beach) on 25 November 2021.

Is this relevant to me?

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive.

How do I register my interest?

If you purchased Beach shared at any point between 17 August 2020 and 29 April 2021 and wish to keep updated as the investigation progresses, register your interest through the form below. It does not and will not cost you anything.

Register your interest

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive you may register your interest by filling out the form below. If you have any enquiries, please email BPT@slatergordon.com.au

Details of the claim

Class action lawyers Slater and Gordon have issued a claim against Beach on behalf of shareholders that acquired Beach Energy securities between 17 August 2020 and 29 April 2021 inclusive (Claim Period).

Background

On 17 August 2020, Beach Energy released its FY20 results, and in connection with that release:

  • provided guidance for FY21 including that it expected to achieve production of between 26 to 28.5 MMboe (the FY21 Guidance); and
  • updated its 5-year outlook target, which estimated annual production of 37 to 43 MMboe in FY25 and cumulative free cash flow of $2.1 billion from FY21 to FY25 (the 5-Year Outlook).

Beach Energy subsequently made a series of further representations in relation to its outlook during the balance of the proposed Claim Period.

On 30 April 2021, Beach:

  • downgraded its expected FY21 production to 25.2 – 25.6 MMboe; and,
  • withdrew its 5-year outlook target and stated that it would no longer provide it in its current form.

Allegations

The proceeding alleges that by 17 August 2020, Beach Energy was or ought to have been aware of a number of factors which would impact the Company’s financial performance, including:

  • The largely unsuccessful FY20 exploration and appraisal drilling results in the Western Flank;
  • The declining reserves position in the Western Flank; and
  • The reliability of the modelling system used to assess reserves on the Western Flank.

We consider that the above matters support allegations that, during the Claim Period:

  • Beach Energy engaged in misleading or deceptive conduct in contravention of section 1041H of the Corporations Act 2001 (Cth) and s 12DA of the ASIC Act 2001 (Cth), by providing and maintaining the 5-Year Outlook and subsequent updated outlook statements which lacked reasonable grounds; and
  • Beach Energy contravened its obligations of continuous disclosure of price sensitive information under the Corporations Act, by failing to withdraw the 5-Year Outlook Target and subsequent updated outlook statements or to disclose the matters which affected the achievement of that guidance.

Funding arrangements

If the claim proceeds, Slater and Gordon proposes to act on the basis that the Representative in the action will seek a Group Costs Order in the Supreme Court of Victoria. If the Court made such an order, this means that the legal costs payable to Slater and Gordon can be calculated as a percentage of the amount of any award or settlement that may be recovered in the proceeding.

However, we can confirm that you will not be exposed to any out of pocket costs as a result of your participation or registration in the claim.

Register your interest

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive you may register your interest by filling out the form below.

If you have any enquiries, please email BPT@slatergordon.com.au

Register your interest

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive you may register your interest by filling out the form below. If you have any enquiries, please email BPT@slatergordon.com.au

Frequently Asked Questions

You may register your interest if you purchased shares between 17 August 2020 and 29 April 2021 inclusive.

If you are unsure about your eligibility, please contact our team at BPT@slatergordon.com.au. Please allow 48 hours to respond to your enquiry

No.

The claim has been issued on an “open class basis”. This means that individuals who purchased shares within the claim period are automatically included in the proceeding without the need to register their interest. However, 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 of registering your interest at this stage means you will be automatically kept up to date as to the progress of the investigation and made aware of any future registration requirements.

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 investigation and assist you with any future Court-ordered registration process required to formally secure your claim for any compensation obtained in the proceeding.

Thank you for your feedback.