Brambles reviewing Federal Court judgment on longstanding class action
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The news: Logistics group Brambles said it is reviewing a Federal Court judgment on a 2022 class action trial, which upheld claims by shareholders that the company engaged in misleading or deceptive conduct in relation to its FY17 guidance.
The context: The judgment, delivered on Friday evening, upheld claims relating to underlying profit growth for the periods between 16 November 2016 and 21 December 2016, and 21 December 2016 and 23 January 2017.
It dismissed all other claims, including those relating to medium-term targets for FY19 throughout the period.
Brambles said it is reviewing the 1,200-page decision to assess its position, including various grounds of appeal that may be open to the company.
What they said: "Whilst Brambles has insurance arrangements in place, Brambles notes that the total quantum of the potential damages has been completed and/or all avenues for appeal by either Brambles or the applicants are exhausted,” the company said.
“As a result, it is not possible at this stage to determine the financial impact of the judgment on Brambles, if any.”
The source: ASX
