Therium funded a class action on behalf of institutional and retail investors of Spotless Group Holdings Limited.
The claim filed against Spotless related to alleged breaches by the Company of it’s continuous disclosure obligations under Australian securities legislation, specifically delays in correcting forward-looking earnings statements. Once these were known to be inaccurate, the Company’s share price fell significantly.
The case, which settled in May 2020 for AUS$95 million inclusive of costs, was one of Australia’s largest class action settlements in that year.
Therium’s funding benefited both retail shareholders, who would have been unable to pursue their own claims without funding, and institutional shareholders who preferred to use litigation finance to fund the claim in place of their own resources.
Class Action / Shareholders Dispute / Regulatory / Securities / Investor Loss / Collective Redress
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