Stock exchange continuous disclosure issue at centre of case
A court will decide whether software firm GetSwift’s stock exchange continuous disclosure practices cost its shareholders money wrongly.
The company has struck Australian Securities Exchange compliance trouble this year and has advised that international law firm Squire Patton Boggs has served it with an application to begin class action procedings in the Federal Court.
“The application alleges that the company breached its continuous disclosure obligations and that it engaged in misleading and deceptive conduct, and seeks damages as a result,” GetSwift says.
“The company intends to contest this action and legal counsel has been engaged.
Squire Patton Boggs flagged the possibility of such an action at the start of the month, noting the share price had fallen by more than half its peak value before the ASX suspended trading, and action that lasted nearly a month.
It invited shareholders who bought GetSwift shares between February 24, 2017, and January 19 to register their interest in the class action.