Australia’s leading class action lawyers, Maurice Blackburn, today announced that an in-principle settlement has been reached with Bellamy’s Australia (BAL) over alleged misleading or deceptive conduct and breaches of continuous disclosure obligations in relation to its FY17 financial performance, future growth trajectory and impacts of regulatory changes in China.
Bellamy’s has confirmed to Australian Stock Exchange that it has settled the Maurice Blackburn class action, the Basil class action, without admission of liability, together with a related class action being conducted by Slater & Gordon, the McKay class action, for $49.7 million.
Maurice Blackburn Principal Ben Slade said that the class actions alleged that investors in Bellamy’s had paid inflated prices for its shares during the claim period as a result of conduct that was alleged to be in breach of the Corporations Act. If the Court approves the settlement, compensation will be paid to eligible shareholders who purchased Bellamy’s shares between 14 April 2016 and 12 December 2016. The right to register to participate in the settlement of the class action closed some time ago. Persons who have registered to participate in the settlement will be sent