Topics: Regulatory

Governance Financial Services Bondholder dispute Class Action Collective Redress Group Litigation Investor Loss Regulatory

Axsesstoday Ltd

The Case

Therium is funding a class action on behalf of the bondholders of Axsesstoday Ltd (AXL) against both AXL and PWC Securities, its former auditors.

The case, which has been filed in the Federal Court, relates to AXL’s alleged failure to explain or highlight the impact a new accounting standard would have on the Company’s financial performance in a Prospectus for corporate bonds issued in 2018. Shortly after the bonds were issued, the Company was placed into external administration.

Why It’s Significant

The class action is a rare example of one pursued on behalf of bondholders. It focuses on interesting issues relating to the introduction of new accounting standards – and disclosure by listed entities of their financial impact.

Therium’s Solution

Without Therium’s funding, it is unlikely that the bondholders of AXL would have the opportunity to seek compensation from AXL and PwC.

Specialism

Class Actions / Bondholder Dispute / Regulatory / Group Litigation / Investor Loss / Collective Redress

Sector

Financial Services

Meet The TeamThe Team

Country Head

Simon Dluzniak

Asia Pacific
+61 (0)419 584 285
simon.dluzniak@therium.com

Investment Manager

Louise Hird

Asia Pacific
+61 (0)413 680 861
louise.hird@therium.com

View All The Team

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Governance Service Provider Class Action Collective Redress Investor Loss Regulatory Securities Claim Shareholder Dispute

Spotless Group

The Case

Therium funded a class action on behalf of institutional and retail investors of Spotless Group Holdings Limited.

The claim filed against Spotless related to alleged breaches by the Company of it’s continuous disclosure obligations under Australian securities legislation, specifically delays in correcting forward-looking earnings statements. Once these were known to be inaccurate, the Company’s share price fell significantly.

Why It’s Significant

The case, which settled in May 2020 for AUS$95 million inclusive of costs, was one of Australia’s largest class action settlements in that year.

Therium’s Solution

Therium’s funding benefited both retail shareholders, who would have been unable to pursue their own claims without funding, and institutional shareholders who preferred to use litigation finance to fund the claim in place of their own resources.