Slater and Gordon has today filed a representative proceeding against the GPT Group in the Federal Court of Australia.
The claim has been brought on behalf of those investors who acquired stapled securities between 27 February 2008 and 6 July 2008; and had executed litigation funding agreements with Comprehensive Legal Funding LLC as at 7 December 2008.
The claim alleges that GPT engaged in misleading or deceptive conduct in relation to, and breached its continuous disclosure obligations following, the 2008 earnings and distribution guidance that accompanied the release of its 2007 Full Year Statutory Accounts.
Slater and Gordon Practice Group Leader Ben Phi said: “representative proceedings have been commenced against GPT following a failed attempt to resolve the matter at mediation”.
Slater and Gordon acts for a large number of institutional and retail investors that acquired GPT stapled securities during the relevant period.