Stay classy
WiseTech Global is back in the news after shareholders launched a class action against the logistics software company.
When the news broke on Wednesday that WiseTech Global is facing a class action lawsuit from a group of shareholders, casual observers may have assumed the case related to recent allegations involving exiled CEO Richard White.
But the lawsuit, led by Melbourne-based firm Phi Finney McDonald, instead focusses on alleged breaches of continuous disclosure obligations between August 2019 and February 2020 linked to WiseTech’s rapid acquisition of companies.
The lawsuit, if it runs to trial, sets the stage for an intriguing court battle involving the most valuable technology company on the ASX, which has been in the news for all the wrong reasons lately. But it also shines a light on a contentious corner of the legal market, shareholder class actions, which have fallen off the radar somewhat in recent times.
The WiseTech case, now live on the Supreme Court of Victoria’s public register, is one of just a handful of shareholder class actions before the courts at the moment.
