Read the conditions - clients need to sign up by themselves. FoBar only could sign up if they did hold shares in their own account (not sure, whether they did, but would be surprised).
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we now have a second class action, this one is against the directors whereas the first one was aimed at the company. Will we get a chance to double dip?
http://www.cblclassaction.co.nz/
Cheers for pointing this out. Here is an article (though not mentioning the first class action): https://www.stuff.co.nz/business/116...-sue-directors
One sort of hopes that the two legal and commercial teams talk with each other.
I did contact both teams and asked for comments on how the two class actions are aligned and whether it would be in their view possible and sensible for shareholders to join both of them. Shall report back if I get an answer.
Just went through the IMF paperwork and discovered that signing up with them "excludes participation in any other class actions against CBL". (clause 14 in the Q/A document).
Interesting - this means shareholders will need to decide without input information which of the legal teams has the better chances to succeed. What a mess.
Good. I absolutely believe that the Directors fully deserve the detailed scrutiny of the Court on their actions. On the face of it they appear to be woefully in breech of their continuous disclosure requirements to the extent of reckless endangerment of shareholders. The IPO process itself may have been seriously misleading and also needs to be very thoroughly reviewed.
Does not sound that way.
Got a response to my question from CBL Class Action (funded by the NZ LPF group) and they say shareholders need to choose.
Didn't hear back so far from IMF Bentham, but suppose that their Q and A is already pretty clear on that point.
Given that two major shareholders (Harbours Asset Management and Argo Investments) signed already up to CBL Class Action (LPF) - and given that it is NZ based and funded, this might be the place to go.
People who signed already up with IMF and want to change can do that during the cool down period of the contract (I think 21 days).
Anyway - interested to hear other peoples views ....
Thanks BP, you are doing a favour for all CBL shareholders in this forum.
The directors of this company need to be held to account.
All a bit tricky. The LPF claim is going directly for the directors whereas the NBR reports with regard to the IMF claim that it is aimed at the company because of the following.
“Glaister Ennor partner Jack Porus said the claim was focusing on the company because “we believe there is likely to be insurance available to meet the claim and, at this stage, we are reluctant to widen the action to include other parties such as directors, auditors or actuaries.”