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Axsesstoday Ltd

The Case

Therium is funding a class action on behalf of the bondholders of Axsesstoday Ltd (AXL) against both AXL and PWC Securities, its former auditors.

The case, which has been filed in the Federal Court, relates to AXL’s alleged failure to explain or highlight the impact a new accounting standard would have on the Company’s financial performance in a Prospectus for corporate bonds issued in 2018. Shortly after the bonds were issued, the Company was placed into external administration.

Why It’s Significant

The class action is a rare example of one pursued on behalf of bondholders. It focuses on interesting issues relating to the introduction of new accounting standards – and disclosure by listed entities of their financial impact.