Shine Lawyers has launched a class action on behalf of Beach Energy (BPT) shareholders who suffered losses after the company’s alleged misconduct resulted in a drastic fall in share price.
If you acquired BPT shares on the market between 17 August 2020 and 29 April 2021, you may be eligible to join this class action.
What is the Beach Energy Shareholder Class Action about?
This class action is against Beach Energy for alleged misleading and deceptive conduct, and potential breaches of its disclosure obligations.
It is alleged that in August 2020, Beach Energy misled the market with optimistic projections for a declining oil reserve in the Western Flank of South Australia’s Cooper Basin. Following the company downgrading its forecast earnings before interest, tax, depreciation and amortisation (EBITDA) in April 2021, its share price collapsed by 24.1%.
This class action seeks compensation on behalf of all shareholders who suffered financial loss due to BPT’s alleged misconduct. If you are a BPT shareholder, you are encouraged to register for the class action below.
Why choose Shine Lawyers’ Class Action Team
Shine Lawyers’ Class Actions Team possess the skills, industry insight and dedication to deliver exceptional results for deserving Australians who have been wronged.
We have fought for successful outcomes for group members in class actions against high profile corporate and government entities, including Johnson & Johnson and DePuy International, as well as the Department of Defence.
Craig Allsopp, who leads this class action, has extensive experience as a solicitor and specialised expertise in shareholder class actions. Craig leads a team of highly skilled lawyers with a proven record in complex, multi-party litigation.
To learn more about our work in this area of law, visit our Class Actions page.
Can I join the Beach Energy Shareholder Class Action ?
To be part of this class action you must have:
- Purchased shares in Beach Energy Limited (ASX:BPT) on the market during the period 17 August 2020 and 29 April 2021.
If you meet this criteria, you may be entitled to compensation, and you are encouraged to register for the class action below.
How to register in the Beach Energy Shareholder Class Action
Background to the Beach Energy Shareholder Class Action
In August 2020, Beach Energy had predicted EBITDA of at least $900 million arising from its onshore oil production business on the Western Flank of the Cooper Basin.
In April 2021, the company downgraded its forecast EBITDA to $850 million. When this was disclosed, the share price collapse by 24.1%, wiping $900 million off Beach Energy's market value.
The following timeline highlights the series of events that lead to Beach Energy’s drop in market value:
BPT reported its FY21 guidance, announcing that it expected its FY21 underlying EBITDA would be between $900 million and $1 billion and that that there would be production of between 26.0 to 28.5 Million Barrels of Oil Equivalent (MMboe).
The company reduced its expected FY21 underlying EBITDA guidance from between $900 million and $1 billion, to between $900 million and $950 million, and also decreased its FY21 production guidance from 26.0 to 28.5 MMboe to between 26.5 and 27.5 MMboe.
BPT downgraded its expected FY21 underlying EBITDA from between $900 million to $950 million to between $850 million and $900 million, and it downgraded its FY21 production guidance from 26.5 to 27.5 MMboe to between 25.2 and 25.7 MMboe, while also withdrawing its five-year outlook targets.
Who is Shine Lawyers’ Class Action Team?
Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes: