On 24 October 2019, the Federal Court of Australia handed down Australia’s first securities class action to proceed to judgment.
The decision has provided welcome clarity around three issues. First, the interpretation of the continuous disclosure obligation in s 674 of the Corporations Act 2001 (Cth) and the associated ASX Listing Rules. Secondly, the acceptance by the Federal Court of ‘market based’ or indirect causation. And thirdly, how the Federal Court will approach the measurement of loss. Our analysis below discusses each of these issues in detail.
‘Enforcement 40’ for 2020
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