From Supreme Court.
The legal process to a file a class action against Dick Smith has progressed to the next step with the Supreme Court of NSW granting leave to Bannister Law, indicating that action will be taking place. Bannister Law principal, Charles Bannister says the ruling is a win for many Dick Smith shareholders who lost out in the company’s demise.
“Thousands of shareholders have lost tens of millions because, we allege, Dick Smith contravened provisions of the Corporations Act, including by engaging in misleading or deceptive conduct on various occasions throughout 2015 in relation to Dick Smith shares. The Court’s ruling today is great news for those shareholders. Had the Court denied leave, our case was over before it really began,” he said.
“We already have hundreds of registrants whom purchased shares within the relevant period of 16 February, 2015 to 31 December, 2015 and suffered loss due to the alleged misconduct of Dick Smith,” he added.
Shareholders claim that during 2015 the share price was inflated as a result of the contraventions of the Corporations Act and that they have suffered loss and damage as a result.