The claim relates to guidance provided by Murray Goulburn in its Product Disclosure Statement (PDS) issued on 2 July 2015 regarding its likely revenue and profits from the sale of milk products during the financial year ending 30 June 2016 (FY16). In its PDS, Murray Goulburn forecast a FY16 net profit after tax (NPAT) attributable Murray Goulburn shareholders and MGC unitholders of $85.8 million. On 29 February 2016, Murray Goulburn announced a revised FY16 NPAT forecast of approximately $63 million, citing historically weak dairy commodity prices.
On 12 April 2016, and again on 18 April 2016, Murray Goulburn confirmed that Chinese regulators were tightening regulations on imports of milk products into China, but denied that the anticipated regulatory changes would have a material impact on Murray Goulburn’s business.
Then, on 27 April 2016, only two months before the end of the financial year, Murray Goulburn downgraded its FY16 NPAT forecast to $39 – $42 million (FY16 Downgrade). In announcing the FY16 Downgrade, Murray Goulburn blamed:
That day, Murray Goulburn also confirmed that its CEO and Managing Director, Gary Helou, and its CFO, Brad Hingle, would resign from their respective positions.
In response to the news, MGC’s unit price fell more than 40% from its prior closing price of $2.14 in a single day, closing trading at $1.26 per unit. Slater and Gordon and IMF are investigating:
This is a tentative settlement only; awaiting Federal Court approval. Please click here for more details on the announcement.
On behalf of persons who acquired an interest in fully paid units in the MG Unit Trust (“MGC”) during the period 29 May 2015 to 26 April 2016; and have entered into a litigation funding agreement with IMF Bentham Limited in relation to the proceeding on or before 26 October 2018 and which had not been terminated as of 26 October 2018.