Brambles Shareholder Class Action

What is the Brambles Class Action about?

The Brambles Class Action, is brought by the Applicants, Holly Southernwood and William Vincent Kidd and Mary Agnes Collum as Trustees for The Magness-Bennett Superannuation Fund, on their own behalf and on behalf of all shareholders who acquired Brambles shares during the period 18 August 2016 and 17 February 2017 (inclusive).

The Applicants are being jointly represented by Slater and Gordon and Maurice Blackburn. The Brambles Class Action is being jointly funded as it progresses in relation to common issues by litigation funders Harbour Fund III, L.P. (Harbour) and Omni Bridgeway Ltd (Omni Bridgeway).

It is alleged that group members have claims against Brambles in relation to guidance provided by the company in its FY16 results (and reaffirmed on subsequent dates) regarding expected revenue and profit growth during the financial year ending 30 June 2017 (FY17).

The trial in the Brambles Class Action occurred from 8 August 2022 to 8 September 2022 and the parties delivered closing submissions before the Court on 26 and 27 October 2022 The initial trial has now concluded, and the Applicants await the Court’s decision.

Background

The Applicants’ claim alleges that between 18 August 2016 and 17 February 2017 (inclusive) (the Claim Period):

Brambles made representations to investors in relation to its FY17 financial forecasts that were misleading and/or lacked a reasonable basis;
Brambles breached its continuous disclosure obligations under the ASX Listing Rules and the Corporations Act 2001 (Cth) by failing to revise earlier its FY17 forecasts and release material information; and
as a result, investors who purchased Brambles shares at any time during the Claim Period suffered compensable loss. The allegations made by the Applicants in the class action are set out in full in the amended consolidated statement of claim filed in the Court.

Brambles has denied the allegations made against it and is defending the action.

Am I a Group Member?

You are a group member if (subject to some limited exceptions) you:

entered into a contract to acquire an interest in fully paid ordinary shares in Brambles during the period between 18 August 2016 and 17 February 2017 (inclusive); and
suffered loss or damage by reason of the conduct of Brambles, as alleged in the Applicants’ Amended Statement of Claim

Registration update

You may register your interest for the Brambles Class Action by clicking on the “Register” button below and following the prompts.

Previously, the Federal Court of Australia made orders that provided that persons who wished to receive a share of any settlement reached in the class action prior to 14 days after the conclusion of trial must register their claims by 4.00pm AEST on 26 July 2022. However, as no settlement was reached within 14 days of the conclusion of the trial, the class is no longer ‘closed’ and it is possible for additional group members to register to participate in the class action.

How much will it cost to be part of the class action?

The class action is being run on a no win - no pay basis, with all costs fully underwritten by Omni Bridgeway and Harbour.

You will not be liable for any legal costs unless and until there is a successful outcome in the case (and then only by way of a deduction from any amount to which you are entitled from that successful outcome). You will not be required to pay any upfront or out-of-pocket costs in relation to the class action as it progresses in relation to common issues.

In other words, costs are only payable by group members if, and only in the event, a successful outcome is achieved either at settlement or by judgment.

Contact Us

If there is anything about which you are unsure, you should seek your own legal advice or contact Omni Bridgeway by email on [email protected] or free call 1800 016 464 for assistance.

Key Documents

You can download the following key documents below: