Leading law firm Slater and Gordon has filed a class action against Australia’s largest childcare centre operator, G8 Education Limited (G8).
The claim is brought on behalf of investors who acquired G8 shares between 23 May 2017 and 23 February 2018, and subsequently suffered loss, after the ASX 200 company failed to disclose to the market material information relevant to its 2017 financial performance.
Slater and Gordon Practice Group Leader Andrew Paull said investigations indicated that at the time G8 made its May 2017 forecast, it knew that it faced an increase in costs as a result of regulatory changes affecting staffing levels, and that it was unlikely to increase its occupancy rate to the level required to achieve the May 2017 Forecast.
“We are alleging G8 contravened its continuous disclosure obligations by failing to disclose to the market information relevant to its Full Year 2017 financial performance,” he said.
“We also allege G8 engaged in misleading or deceptive conduct.”
The class action has been commenced on a No Win-No Fee basis and group members will not be exposed to any out of pocket costs as a result of their participation in the claim.
Shareholders who suffered loss after acquiring shares in G8 between 23 May 2017 and 23 February 2018 are urged to sign up to the class action at https://www.slatergordon.com.au/G8