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Investors who purchased G8 shares at any point between 23 May 2017 and 23 February 2018 (inclusive) may register to participate in the claim using the registration link below. At this stage is it not necessary to execute a legal costs agreement to participate in the proceeding. You will not be exposed to any out-of-pocket costs or adverse costs as a result of your participation or registration in the proceeding. If you have any enquiries, please email G8@slatergordon.com.au and include your contact details.

Notice to Group Members: Your Options

The “Notice to Group Members: Commencement of Proceeding and Opt Out” (Notice) was sent by order of the Supreme Court of Victoria to potential group members who may have purchased G8 shares during the relevant period for the class action. If you purchased G8 shares between 23 May 2017 and 23 February 2018, you may be a group member.

The Notice sets out your three options. You should read the Notice carefully as it explains each option in detail.

If you have any enquiries, please email G8@slatergordon.com.au or contact us on 1800 071 827 and include your contact details.

Background

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).

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.

Frequently Asked Questions

Your options are set out and explained in the ‘Notice to Group Members’ above. Please read the Notice carefully. If you wish to register to participate in the claim, you may do so via the ‘Registration’ button above.

Yes – if you wish to opt out, you must send the Opt Out Form to the Commercial Court Registry of the Supreme Court of Victoria by 4pm on 20 August 2021. Please carefully read the ‘Notice to Group Members’ for more information.

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.

If you believe you may have purchased G8 shares during the Relevant Period, we encourage you to read the ‘Notice to Group Members’ above. The Notice sets out your options – you should read it carefully.

Group members who wish to claim an entitlement to a share of any settlement sum or damages award should register their participation in the class action through the court-ordered registration process.

If you have already signed a Slater and Gordon Conditional Legal Costs Agreement for this claim, you are automatically registered and are not required to complete any further steps during that process.

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 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.