Shine Lawyers today announced that it will be commencing a class action against IOOF on behalf of IOOF shareholders.
The action, funded by Litigation Lending, comes after Shine Lawyers completed extensive investigations into alleged corporate misconduct within IOOF, which included obtaining a Federal Court order for IOOF to produce documents relevant to the alleged misconduct.
Shine Lawyers’ Class Actions Practice Leader, Craig Allsopp, who was formerly a senior lawyer in ASIC’s enforcement area, said today:
“IOOF shareholders have repeatedly seen the value of their shares wiped out by numerous alleged failures of IOOF’s management over several years. To date, these shareholders have not been able to recover any of their losses. I’m glad to be pursuing a solution for the many people affected by IOOF’s alleged misconduct.”
“This class action is largely unrelated to the claim brought by APRA, and focuses on alleged misconduct within IOOF over several years from 2009 to mid-2015.”
Stuart Price, CEO of Litigation Lending, also welcomed the class action.
“The Financial Services Royal Commission and other enquiries have revealed extensive wrongdoing within the financial services sector. Class actions like the IOOF class action require the management of financial services companies such as IOOF to account for alleged failures, and promote good corporate governance within the sector” said Mr. Price.
Shine Lawyers’ is reaching out to IOOF shareholders who acquired IOOF shares in the period from 1 March 2014 to 7 July 2015 to participate in the class action. If shareholders believe they are eligible to join, Shine can be contacted through their website and the below contacts.
Media & Communications Team Leader | Miriam Sawan I 0436 666 575 [email protected]