Did you buy shares in Vocus between 29 November 2016 and 1 May 2017? You may be eligible to participate in Shine’s proposed class action against Vocus Group Limited (ASX: VOC).
Shine Lawyers is investigating a proposed action on behalf of shareholders affected by Vocus’s alleged misconduct. The action will commence following a satisfactory investigation into Vocus’s disclosure breaches and misleading / deceptive conduct and enough interest from Vocus shareholders.
If you would like further information about the class action, register below. There is no obligation upon registration to participate in the class action.
On 2 May 2017, Vocus provided its shareholders with a trading update downgrading the FY17 earning guidance that it had previously provided at its annual general meeting in November 2016.
The 2 May 2017 downgrade had a number of effects including a reduction of $100 million to FY17 forecast revenue, a reduction of $55 million to $85 million in the FY17 forecast underlying EDITDA and a reduction of $40 million to $55 million in FY17 forecast NPAT.
After the May 2017 downgrade, Vocus’s share price fell by 27%, reducing its market value by about $561 million.
Was it reasonable for Vocus to provide their FY17 earnings guidance in November 2016? Did it neglect to inform the market when it realised its FY17 earnings would be lower than first forecast? Did Vocus breach its continuous disclosure obligations by failing to disclose that it had misinterpreted the revenue in its FY17 earnings guidance prior to May 2017? These questions are the subject of our investigation as we attempt to redress the wrongs done to Vocus’s shareholders.
Get in touch
Are you a shareholder affected by Vocus’s potential breach of disclosure? Shine Lawyers are class action experts who work on a “no win, no fee” basis. To find out more visit https://www.shine.com.au/service/class-actions and register below to join this class action.