Shine Lawyers is conducting a class action seeking compensation on behalf of affected persons who acquired Worley (ASX: WOR — formerly known as WorleyParsons) shares between 14 August 2013 and 19 November 2013.
On 20 November 2020, Shine Lawyers filed an appeal of the Federal Court's decision to dismiss Worley shareholders' claims against the company. This page will be updated with further developments in due course.
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.
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 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 Class Action?
Registrations for this class action are closed.
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: