Spotless shareholder class action settles for $95 million

Claimants that purchased shares in Spotless Group Holdings Limited over a period when its price was inflated in light of alleged breaches of its continuous disclosure obligations in 2015 have reached a $95 million settlement, subject to approval by the Federal Court. Greg Houston, in collaboration with Sarah Turner, Dale Yeats and Alyse Corcoran prepared two expert reports on behalf of the claimant group, which was represented by Slater and Gordon.

Shareholders’ claim for loss alleged that Spotless – now owned by Downer EDI Limited – misled the market through earnings guidance disclosures that lacked a reasonable basis and did not disclose certain information that would have had a material effect on the price of Spotless securities. A detailed description of the shareholders’ claim can be found here.

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