The sections below quote Slater and Gordon. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted. Where sources cover the same point, the most recently updated page is shown first and the others are folded underneath.
Settlement Update
The settlement of the noumi Limited (Freedom Foods) Class Action has been approved by the Court. On 16 October 2024, the parties agreed to settle the class action for $43 million, subject to Court approval. On 25 June 2025, the Honourable Justice Delany of the Supreme Court of Victoria approved the settlement as fair and reasonable, and in the interests of group members. Links to the settlement approval judgment and orders are below: Court judgment ( Gehrke & Anor v Noumi Ltd & Anor [2025] VSC 373 ) Settlement Approval Orders dated 25 June 2025 Orders of Justice Delany dated 28 July 2025 Jeremy Zimet, Principal Lawyer at Phi Finney McDonald has been appointed the settlement administrator of this class action. Phi Finney McDonald will contact Registered Group Members in relation to settlement distribution in due course. Only group members who registered their claim or who were otherwise deemed to be registered group members by order of the court, are eligible to share in the settlement. If you have questions about the settlement, please do not hesitate to contact Phi Finney McDonald by email at classactions@phifinneymcdonald.com or by telephone on (03) 9134 7100. The $5 million penalty awarded in the separate ASIC proceeding will be distributed to certain group members. On 2 December 2025, the Honourable Justice Jackman of the Federal Court of Australia ordered the pecuniary penalty awarded in the ASIC proceeding against noumi, ASIC v Noumi Limited & Ors (NSD 163/2023, be transferred to the class action settlement administrator for distribution to certain group members. Although the allegations in the ASIC proceeding mirror the allegations in the class action, the claim period in the ASIC proceeding is shorter. As a result, only persons with a claim between 29 August 2019 to 25 May 2020 ( ASIC Claim Period ) will be eligible to share in the $5 million sum. More information on the ASIC proceeding is provided below.
Source: Slater and Gordon
Also from Supreme Court of Victoria
The deadline to register or opt out has now passed. The deadline to object to the proposed settlement has now passed. The proceeding has settled and the proposed settlement has been approved.
Source: Supreme Court of Victoria
About This Case
Slater and Gordon (
SGH) has filed a shareholder class action against noumi Limited (NOU.AX) ( noumi) (formerly Freedom Foods Group Limited (FNP.AX)) and noumi’s auditors, Deloitte Touche Tohmatsu (‘ Deloitte ’), on behalf of persons that acquired NOU securities between 7 December 2014 to 24 June 2020 (inclusive) ( Claim Period).
The proceeding alleges that eligible shareholders have claims against noumi and Deloitte as a result of acquiring NOU securities in the Claim Period at an inflated price due to the allegedly misleading conduct of noumi and Deloitte, as well as noumi’s alleged contravention of its continuous disclosure obligations.
noumi Limited was until 29 November 2021 named Freedom Foods Group Limited. The company’s change of name will have no impact on the proceeding, or on the rights of group members who purchased shares in the company when it was trading as Freedom Foods Group Limited under the FNP ticker.
Source: Slater and Gordon
Also from Supreme Court of Victoria
Consolidated group proceeding brought on behalf of those persons who, at any time during the period from 7 December 2014 to the halt in trading in Freedom Foods shares on 24 June 2020, acquired an interest in fully paid up ordinary shares in the first defendant Noumi, formerly known as Freedom Foods), and suffered loss or damage as a result of the defendants’ alleged conduct.
The alleged conduct is the making, over the claim period, of various financial representations to the ASX (including as to the value of Noumi’s assets, stock inventory balances, trade receivables and doubtful debts, revenue, trade and other payables, goodwill and employee share scheme) which were inaccurate, and therefore constituted misleading or deceptive conduct and breaches of Noumi’s continuous disclosure obligations.
The second defendant (Deloitte) over the claim period audited Noumi’s accounts and declared in formal statements their accuracy and compliance with accounting standards. The claim alleges this separately constitutes misleading or deceptive conduct. The plaintiffs and group members claim loss sustained by purchasing shares in Noumi which were inflated in value due to the alleged conduct.
This proceeding is a consolidation of two prior proceedings, being S ECI 2020 04505 Nicholas Gehrke v Freedom Foods Group Limited & Anor and S ECI 2021 00431 Lester Buch v Freedom Foods Group Limited & Anor. These proceedings were consolidated by order of the Honourable Justice Nichols on 18 November 2021.
The deadline to register or opt out has now passed.
The deadline to object to the proposed settlement has now passed.
The proceeding has settled and the proposed settlement has been approved.
Important information about the proposed settlement
Please note that the deadline to object to the proposed settlement has now passed.
On 23 January 2025, the Court approved a Notice of Proposed Settlement to be sent to group members. Group members should read the Notice carefully as the matters set out in the notice may affect their legal rights.
Notice of Proposed Settlement
If you are content with the proposed settlement, and do not want to object to it, you do not need to do anything in response to the Notice.
Any group member who wishes to object to the proposed settlement must, by no later than 4:00pm (AEDT) on 1 April 2025, either:
complete the online objection notice; or complete the ‘Notice of Objection’ form found at the end of the Notice above, and send it to the Court by email or post at the addresses on the form.
Any group member who wishes to object must also attend, or have their legal representative attend the settlement approval hearing (unless the Court orders otherwise), which is on 17 April 2025 at 10:00am (AEST) in the Supreme Court of Victoria.
Further details regarding the hearing will be published on this webpage closer to the hearing date.
Important Information about Registration and Opting Out
Please note that the deadline to register or opt out has now passed If you are, or you think that you may be a group member, you should read the Notice (a copy of which is below) carefully before taking any further step.
The Notice contains important information about your rights to:
(1) register your interest in the proceeding; or (2) opt out of the proceeding.
In summary, if you fall within the definition of a group member:
Option 1: You must register your interest in accordance with the Notice by
4:00pm AEDT on Wednesday, 15 November 2023 to be eligible to receive compensation if there is a settlement between the parties at the upcoming mediation. For further information on how to register, please refer to paragraphs 4.2 - 4.8 in the Notice below.
Option 2: You will remain a group member unless you take steps to opt out by
4:00pm AEDT on Wednesday, 15 November 2023.
For further information about opting out, please refer to paragraphs 4.9 - 4.14 in the Notice below.
The definition of a “group member” is set out in the Notice.
Source: Supreme Court of Victoria
Who May Be Eligible
The proceeding relates to the conduct of noumi and Deloitte between 7 December 2014 and 24 June 2020 (inclusive). Investors who purchased shares in noumi (NOU.AX) (then Freedom Foods Group Limited (FNP.AX)) during this period may be group members in the proceeding.
Source: Slater and Gordon
Frequently Asked Questions
Is there a deadline to register?
The deadline to register to receive compensation from the settlement was 4:00pm (AEDT) on 15 November 2023. If you are not sure if you have registered, please contact Omni Bridgeway, the manager of the registration process of the proceeding, at freedomfoods@omnibridgeway.com or by telephone at
Source: Slater and Gordon
Disclaimer: This information is sourced from Slater and Gordon and Supreme Court of Victoria. It is provided for general information only and does not constitute legal advice. Always verify details with the original sources before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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