Are you an IOOF investor who suffered losses as a result of IOOF’s alleged non-disclosure of corporate misconduct? You may be eligible to participate in our IOOF class action.
Shine Lawyers is acting for shareholders of IOOF Holdings Limited (IOOF), who are seeking to recover losses suffered as a result of alleged non-disclosures and potentially misleading and deceptive conduct affecting purchases of IOOF shares in the period from 1 March 2014 to 7 July 2015 (inclusive).
What is the IOOF Class Action about?
Shine’s Class Actions Team is acting for shareholders pursuing claims against IOOF, alleging material non-disclosures and misleading or deceptive conduct by IOOF during the period 1 March 2014 to 7 July 2015.
IOOF is an ASX listed, vertically integrated financial services provider. From 2009 to 2014 IOOF experienced rapid growth in its funds under management through an acquisition and consolidation strategy.
The non-disclosures and misleading and deceptive conduct relate to alleged corporate misconduct within IOOF disclosed in Fairfax Media articles in June 2015, at Senate hearings in July and August 2015 and at the Financial Services Royal Commission.
Details of the alleged misconduct included insider trading, front running, failure to manage conflicts of interest, data integrity and cybersecurity failures and failures of compliance oversight, occurring in the period 1995 to 2015.
It is alleged that by failing to disclose alleged corporate misconduct within IOOF between 1 March 2014 and 7 July 2015 the company:
- breached its continuous disclosure obligations, and/or;
- engaged in misleading and deceptive conduct.
If you acquired IOOF shares between 1 March 2014 and 7 July 2015, you may be eligible to join this class action.
Why choose Shine Lawyers’ Class Action Team
Shine Lawyers’ Class Actions Team possess the skills, industry insight and dedication to deliver exceptional results for everyday Australians. 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 IOOF Class Action?
To be part of this class action you must have:
- Purchased shares in IOOF between 1 March 2014 and 7 July 2015 (inclusive).
If you meet the above criteria, you may be entitled to compensation, and you are encouraged to register in the IOOF Class Action.
How to register for the IOOF Class Action
Background to the IOOF Class Action
Fairfax Media first published articles on IOOF’s alleged misconduct. The articles included several allegations of misconduct within IOOF’s research department, which provides services to IOOF’s financial dealer network, managed funds and superannuation funds.
Following the Fairfax Media articles, IOOF’s share price experienced its largest ever single day fall to that point, closing down 13.3% or $1.42.
IOOF CEO Chris Kelaher appeared before a Senate hearing and admitted that IOOF had not reported serious past allegations of insider trading and front running by IOOF’s senior staff to ASIC. IOOF’s share price dropped by another $0.29.
Mr Kelaher and other IOOF executives were questioned again, this time by the Banking Royal Commission. During questioning it was revealed that IOOF’s Questor subsidiary had allegedly disadvantaged members of a super fund compared to private investors. Following Mr Kelaher’s appearance IOOF’s share price dropped by a further 6%.
IOOF announced Mr Kelaher’s resignation following APRA’s commencement of proceedings against IOOF, Mr Kelaher and others in relation to matters disclosed in the Financial Service Royal Commission. The APRA action was ultimately unsuccessful.
Shine Lawyers commenced the class action on behalf of IOOF shareholders. IOOF is trading at $7.05, almost 34% below its share price immediately prior to the Sydney Morning Herald articles published on 20 June 2015.
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: