I can certainly think of one former prominent poster on here that was buying around the time the insiders were selling down and has since suffered huge losses.
I had a look at the share price action between the day before the FY20 announcement (18/8/2020) and when the insiders sold and what makes this case interesting is that the market reached a very clear peak the day before the announcement on 18/8/2020 and never recovered those heights despite the relatively bullish outlook statement. Its hard to make a case that the bullish outlook statement had any material positive impact on the share price either on the day of the announcement or in the near term thereafter. That said it's interesting to note that Peter Nathan became eligible for the issuance of 800,000 shares as a result of exercising options on 19/08/2020 at 63 cents and then on 24/08, 25/08 and 26/08/2020 almost immediately sold almost all of them. Many other insiders also sold substantial stakes at that time.
https://www.nzx.com/announcements/358806 so the question has to be asked, if the outlook commentary wasn't stated to be so robust would the shares have still been ~ $20 ?
Anyway...good luck to shareholders joining this class action. It reminds me of the sales job done on Feltex shareholders when that was floated and look how long that went through the courts and the poor result for shareholders ! More than 13 years and no satisfaction !
https://www.simpsongrierson.com/arti...ally-at-an-end