NOTABLE CASES
Bellamy’s Australia Ltd Settles with Shareholders for AUD $49.7 Million
December 6, 2019
CASE SUMMARY
The class action investigation into Bellamy’s is focused on alleged breaches of its continuous disclosure obligations and for possibly engaging in misleading or deceptive conduct regarding its infant formula trade with China. When the company eventually informed the market of its lower than expected revenue in December this year, the share price almost halved in a single da and Bellamy’s market capitalization was slashed by over $500 million in the two trading days that followed.
CLASS DEFINITION
On behalf of all persons that acquired Bellamy’s Australia Ltd (“Bellamy’s”) securities between 14 April 2016 and 9 December 2016 inclusive.
SETTLEMENT DETAILS
Contributions to the settlement amount will be paid as follows:
- Vereit – $738.5 million
- ARCP – $225 million
- Brian Block (former CFO of ARCP) – $12.5 million
- Grant Thornton LLP (former auditor of ARCP) – $49 million
ELIGIBLE SECURITY ID’S
Bellamy’s Australia Limited (no ticker):
- BPBG6S1
- Q1409B102
Bellamy’s Australia Limited (BAL):
- AU000000BAL8
CLASS PERIOD
See Class Definition
SETTLEMENT AMOUNT
AUD $49,700,000
Note: As of December 4, 2019, this is a tentative settlement only
INITIAL CASE FILING BY LAW FIRM
March 7, 2017
REGISTRATION DEADLINE
January 29, 2018
COURT
Federal Court of Australia
LEAD COUNCIL FIRMS
This Action is being settled together with related Class Actions conducted by:
- Maurice Blackburn
- Slater & Gordon
LITIGATION FUNDING FIRMS
- IMF Bentham Ltd
- Investor Claim Partner Pty. Ltd
Never miss an opportunity for recovery.
Learn more about this settlement and how SCAS can help your organization participate.
