About This Case
This is a group proceeding (class action) brought on behalf of investors who acquired an interest in WiseTech Global Limited shares or equity swaps in respect of WiseTech shares between 21 August 2019 and 27 May 2020 (inclusive).
On 21 August 2019, WiseTech made statements to the market of investors and potential investors as to the expected future financial performance of the company for FY2020.
On 19 February 2020, WiseTech revised that information, downgrading its expected earnings for FY2020 from between $145 million - $153 million to between $114 million - $132 million. It also downgraded its expected revenue from between $440 million - $460 million to between $420 million - $450 million. Following the release of the revised guidance, WiseTech’s share price declined.
The class action alleges that WiseTech breached various statutory provisions by making misleading or deceptive representations and failed to comply with its continuous disclosure obligations in relation to the information it provided and/or failed to provide to investors about its expected future earnings and contingent consideration liabilities.
It is claimed that WiseTech’s share price was inflated by its disclosure failures and, as a result, group members suffered loss and damage by paying more for shares than they ought to have paid due to WiseTech’s conduct. The class action also alleges that some group members would not have purchased shares in WiseTech had the alleged wrongdoing not occurred.
Source: Supreme Court of Victoria
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