Australian law firm Slater & Gordon will launch a securities class action against Sydney-based troubled property company GPT Group, The Age reports. The case will allege that GPT’s board provided misleading and deceptive earnings guidance and that GPT subsequently failed to comply with its continuous disclosure obligations by informing the Australian Securities Exchange as its forecast earnings deteriorated. On July 7, GPT released a statement to the ASX in which its forecast earnings for the 2008 calendar year were slashed by 27%.
Shares in GPT remain in a trading halt, which is expected to be lifted on Monday.
To read more about class actions in Australia, read Class Actions, Group Litigation and Other Forms of Collective Litigation: National Report Australia from Stanford Law School’s Global Class Actions Exchange.
