Update: Notice of Appeal Filed
On 19 December 2023, Justice Jackman delivered judgment on the Remittal Hearing that was ordered to take place to determine all outstanding issues in dispute.
His Honour determined that, although the Respondent did engage in misleading and deceptive conduct and had breached its continuous disclosure obligations, causation and quantification of damages had not been proven on the balance of probabilities. His Honour’s judgment therefore concluded that the claims for damages made on behalf of the Applicant and Group Members have failed.
On 7 February 2024, Shine Lawyers filed a Notice of Appeal, which can be viewed here.
On 28 February 2024, Worley filed a Notice of Cross-Appeal, which can be viewed here and Notice of Contention, which can be viewed here.
What is the Worley Class Action about?
Shine Lawyers is seeking compensation for shareholders who acquired Worley (ASX:WOR) shares between 14 August and 19 November 2013. It is alleged WOR failed to inform the market of its true earning position and did not have reasonable grounds for its forecasts in August and October 2013.
Background
In its 2013 annual report, released on 14 August 2013, WOR announced a FY2013 profit of $322 million and that it expected to achieve improved earnings across all sectors in FY2014.
On 10 October 2013, WOR held a strategy presentation for the investment community, reiterating that it expected "improved earnings FY14 across all sectors".
On 20 November 2013, WOR issued a release to the ASX announcing a downgraded forecast underlying NPAT for FY2014 of $260 million to $300 million.
The corrective disclosure of 20 November 2013 represented a 7% to 19% profit downgrade against its FY2013 result.
The class action alleges this disclosure resulted in a 26% fall in the WOR share price, from $21.59 to $16. The price drop reduced the market cap of WOR by $1.375 billion.
Can I join the Worley Limited Shareholder Class Action?
Registrations for this class action are closed, however, in light of the successful appeal and dismissal of Worley's special leave application, we will consider seeking further orders from the Court to allow us to take additional registrations.
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim.
Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively.
For a class action to take place, there are three criteria that need to be met:
There must be 7 or more people that have claims against the same defendant; and
The claims relate to the same or similar circumstances; and
The claim must relate to at least one common issue of law or fact.
For more information about how class actions resolve, click here.
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim.
For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing.
When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court).
Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
Meet the Worley Limited Class Action team
Shine Lawyers’ Worley Limited Class Action team includes some of the firm’s most experienced litigators, solicitors and support staff. You can learn more about the team running this class action by clicking on their profile below.
