Update
On 11 March 2022, the Full Federal Court awarded a victory to shareholders in the Worley Limited Shareholder Class Action, overturning Justice Gleeson’s initial decision dismissing the claim after trial.
On 8 April 2022, Worley filed an application for special leave to appeal to the High Court of Australia, which the High Court heard and dismissed on 21 October 2022.
In accordance with the Full Federal Court's previous orders, the class action has now been remitted to the Federal Court of Australia for a further hearing to determine all outstanding issues in dispute (the Remittal Hearing). The Remittal Hearing will take place on 27 November 2023 before Justice Jackman.
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.
Why Choose Shine Lawyers?
In successful settlements and judgments
We have secured more than $1 billion in class action settlements and judgments for our group members.
years of collective experience
Our team includes the country’s most experienced class actions experts and litigators with the skill, industry insight and dedication to deliver the best possible outcomes for deserving Australians.
dedicated class actions team members
We are proudly one of the largest class actions teams in the country. Our senior practitioners are supported by a dedicated team devoted to the complex field of class actions.
