Posted on 06 Jun 2019
Slater and Gordon Lawyers recently commenced class action against Vocus Group Limited has been referred to mediation later this year, by agreement between the company and the applicants.
In the class action, the applicants allege that Vocus misled the market in providing guidance in respect of its financial performance for FY17, on 29 November 2016 and 22 February 2017.
On 21 May 2019, Justice Moshinsky of the Federal Court of Australia ordered that group members who wished to participate in any principle settlement agreed at the mediation, or within six months of the conclusion of the mediation, must register as a group member by 13 August 2019.
Group members can also choose to opt out or apply to challenge or vary the Court’s orders. If group members do nothing before 4 pm on 13 August 2019, they will be bound by any judgment or settlement of the proceeding agreed at mediation, or within six months of the conclusion of the mediation, without any entitlement to receive monetary compensation.
However, if the proceeding does not settle at mediation, or within the six months after the conclusion of the mediation, those people will remain group members.
Practice Group Leader Emma Pelka-Caven said: “Registering will give Vocus shareholders a chance to participate in any settlement reached at mediation with the company. It is important that potential group members understand that this is their opportunity to receive compensation if the class action successfully settles at mediation, for no cost to them.”
The Vocus class action is funded by Woodsford Litigation Funding, with Investor Claim Partner (ICP) acting as a shareholder claims manager.
Woodsford chief investment officer Charlie Morris said: “The funding package will maximise net returns for investors seeking redress against Vocus, and we look forward to helping them obtain the compensation they are due.”
ICP chief executive John Walker said: “This example of filing consent orders to mediation with the initial pleading is likely to be a blueprint for just, quick and cheap resolution of shareholder claims.”
More information for current and former shareholders of Vocus class action is available at www.vocusclassaction.com.au
Media Contact Therese Allaoui (03) 9602 6844 / 0428 994 937