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A national law firm has launched a class action against Woolworths in the Federal Court, estimating a claim exceeding $100 million.
Maurice Blackburn, together with litigation funder International Litigation Funding Partners (ILFP), has filed the class action against the supermarket giant on behalf of aggrieved shareholders.
In 2015, Woolworths hit the market with a significant profit downgrade and made subsequent admissions about the "flawed metrics" that underpinned the original guidance it provided.
“Cases such as this reinforce the need to increase and enhance transparency and proper disclosures from large listed companies, and to ensure they are held to account if they fail to provide the market with accurate information,” Mr Watson said.
Commenting further, lead plaintiff Norman Wills said that while he was well aware of the natural volatility of the share market, he had been shocked to learn about the disclosure issues of a company he once considered to be a well-run operation.
“It turns out that what I thought was one of the most reliable companies on the ASX with good businesses at its core, looks like it has failed to inform the market of what was going on within the company. I’m really disappointed in the way the company behaved and Woolworths needs to be held to account,” Mr Wills said.
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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