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Slater and Gordon (SGH), as instructed by the lead plaintiff, has commenced a group proceeding (class action) against G8 Education Limited (G8) (ASX:GEM) on behalf of persons that acquired G8 shares between 23 May 2017 and 23 February 2018 (inclusive) (Claim Period).

Background

On 23 May 2017, G8 released an earnings forecast of underlying EBIT of “mid to high $170’s million” for the calendar year (May 2017 Forecast).

On 4 December 2017, G8 downgraded its forecast of underlying EBIT to “around $160 million” (December 2017 Reforecast). Following this announcement, the market’s reaction was substantial, with G8’s share price dropping by $1.02, or 23%.

On 26 February 2018, G8 released its full year results for 2017 (2017 Full-Year Results). G8 achieved an underlying EBIT of $156 million, $4 million less than the December 2017 Reforecast. G8’s share price again declined by $0.25, or ~8%, following this announcement.

Allegations

The proceeding alleges that G8:

  • Contravened its continuous disclosure obligations under section 674 of the Corporations Act 2001 (Cth) by failing to disclose to the market information relevant to its Full Year 2017 financial performance; and
  • Engaged in misleading or deceptive conduct, in breach of s 1041H of the Corporations Act 2001 (Cth).

Claim Period

The proceeding relates to G8’s conduct between the period 23 May 2017 and 23 February 2018 (inclusive). Investors who acquired G8 shares in this period are group members in the proceeding.

Registration

The proceeding has been issued on an open class basis, and individuals who meet the group member definition who do not wish to participate in the proceeding are likely to be invited by the Court during the course of the proceeding to opt out of the action.

It is likely that the Court will require group members who wish to claim an entitlement to a share of any settlement sum or damages award to register their participation in the class action through a court ordered registration process.

Ordinarily, the Court will accept that group members who have entered into a retainer and become a client of the law firm representing the class by executing a legal cost agreement are automatically registered and are not required to complete any further steps during that process.

You can access the legal cost agreement for this proceeding below.

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

We invite you to consider retaining Slater and Gordon by executing the legal costs agreement to secure any entitlement to a share of any resolution sum obtained in the event that the proceeding is successful.

By signing the agreement, you will not be required to take any further steps when the Court ordered registration process takes place and will be eligible to receive legal advice regarding your participation in the claim.

If you have any enquiries, please email G8@slatergordon.com.au and include your contact details.

Register

If you wish to participate in the class action, you must register your claim. If you have any enquiries, please email G8@slatergordon.com.au and include your contact details.

Frequently Asked Questions

If you purchased G8 Education Limited (ASX:GEM) shares at any time between 23 May 2017 and 23 February 2018 (inclusive), you may be eligible to participate in this proceeding and we encourage you to register below.

The proceeding will be issued on an open class basis, and individuals who meet the group member definition who do not wish to participate in the proceeding are likely to be invited by the Court during the course of the proceeding to opt out of the action.

It is likely that the Court will require group members who wish to claim an entitlement to a share of any settlement sum or damages award to register their participation in the class action through a court ordered registration process.

Ordinarily, the Court will accept that group members who have entered into a retainer and become a client of the law firm representing the class by executing a legal cost agreement are automatically registered and are not required to complete any further steps during that process.

You can access the legal cost agreement for this proceeding below.

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

We invite you to consider retaining Slater and Gordon by executing the legal costs agreement to secure any entitlement to a share of any resolution sum obtained in the event that the proceeding is successful.

By signing the agreement, you will not be required to take any further steps when the Court ordered registration process takes place and will be eligible to receive legal advice regarding your participation in the claim.

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

Generally, most class actions tend to take between one and three years to resolve, although each class action is different, and the time required for a claim depends on a variety of factors, such as the complexity of the issues involved, the amount of evidence to be considered, and the tactics adopted by the defendants in defending the claim.