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Billabong Shareholder Class Action

Billabong is an Australian surf-wear, accessories and action sports apparel company, founded in 1973. Its products are licensed and distributed in more than 100 countries.

Billabong is an Australian surf-wear, accessories and action sports apparel company, founded in 1973. Its products are licensed and distributed in more than 100 countries.

Billabong Class Action 

Slater and Gordon has commenced a class action in the Federal Court of Australia against ASX listed action sportswear company, Billabong International Limited (ASX Code: BBG). 

The proceeding is funded by Comprehensive Legal Funding LLC (CLF).

The claim has been brought on behalf of all shareholders that acquired an interest in Billabong ordinary shares or Billabong American Depositary Receipts (codes BLLAF and BLLAY) between 18 February 2011 and just prior to the publication of Billabong’s 19 December 2011 ASX announcement (inclusive) (the Claim Period).

The case was filed on 24 March 2015. Hearings were held before Justice Murphy of the Federal Court on 24 April 2015, 19 June 2015 and 8 September 2015 to manage the initial steps of the litigation, including:

  1. the scope of Billabong’s discovery obligations and dates by which these documents are be provided;
  2. the filing of pleadings;
  3. the date by which group members must register their intention to claim compensation, or opt out from the proceeding; and,
  4. the timetable to mediation and trial.

Group members have until 16 November 2015 to register their intention to claim compensation through this class action.

The parties will participate in a mediation, which will conclude by 8 April 2016.

The matter has been set down for trial commencing 31 October 2016.

Background

Billabong is an Australian surf wear, accessories and action sports apparel company, founded in 1973.  Its products are licensed and distributed in more than 100 countries.

The claim against the company relates to Billabong’s announcement to the market on 19 December 2011 that, contrary to prior earnings guidance given on 18 February 2011 and 19 August 2011, it no longer expected strong underlying growth in earnings before interest, tax, depreciation and amortisation (EBITDA) for the financial year ending 30 June 2012 (FY12) and, further, that the company now expected its EBITDA performance for the first half of FY12 (1H12) to be 20-26% below its 1H11 performance.

In response to the announcement on 19 December 2011, Billabong’s share price fell from $3.64 immediately prior to the disclosure to $1.77 on 20 December 2011, a fall of about 51%. 

Registration, Opt Out and Class Closure

On 22 September 2015, the Federal Court of Australia ordered that all group members who wished to register their participation in, or opt out of, the class action do so by 4:00pm (AEDT) on 16 November 2015. A notice advising group members of this deadline was published in the national newspapers and distributed to registered shareholders by Billabong’s share registry. This deadline has now lapsed. It is no longer possible for a group member to register or opt out of the class action.

Please do not hesitate to contact us via email at billabong@slatergordon.com.au or by phone on 03 8539 8396 should you have any questions.