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THE NOTICE BELOW IS VERY IMPORTANT – PLEASE READ IT CAREFULLY, AS IT MAY AFFECT YOUR LEGAL RIGHTS

NOTICE OF RIGHTS TO PARTICIPATE IN SETTLEMENT OF MYER CLASS ACTION OR OPT OUT

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The Representative Plaintiff

TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund (“the Applicant”) brings this group proceeding pursuant to Part IVA of the Federal Court of Australia Act 1976 (Cth).

The Applicant purchased 40,000 ordinary fully paid shares in Myer Holdings Limited (“Myer”) for $1.7575 on 17 November 2014.

The Applicant seeks to recover their and Group Members’ compensable losses through the Myer Class Action.

Group Members

On 29 December 2016, the class action was brought by the Applicant on its own behalf and on behalf of all persons who acquired ordinary shares in Myer:

  • on or after 11 September 2014; and
  • who held any of those shares at the commencement of trading on 19 March 2015 (“the relevant period”).

If you acquired Myer shares on or after 11 September 2014 and held those shares at commencement of trading on 19 March 2015 and you have not opted out of the Myer Class Action, you are a Group Member who is represented by the Applicant.

Summary of Claim

On 11 September 2014, Myer disclosed to the market that it expected to achieve a Net Profit After Tax (NPAT) in excess of $98.5 million in the 2015 financial year.   On 19 March 2015 Myer made an announcement to the ASX foreshadowing a downgrade in NPAT for the 2015 financial year in the range of $75 to $80 million (excluding one-off costs).

This proceeding alleges that:

  • Myer engaged in misleading and deceptive conduct by forecasting that it expected to achieve a NPAT in excess of $98.5 million in the 2015 financial year; and
  • that Myer failed to disclose price sensitive information in a timely manner to the market about the 2015 financial year earnings forecast prior to 19 March 2015.

The applicant claims that it and group members have each suffered loss and damage because of and resulting from the failure to disclose information about the earnings forecasts to the market and the misleading and deceptive representations made by Myer about its NPAT for the 2015 financial year.

This group proceeding seeks compensation for all group members affected in this period.

To contact the team please email us at: info@myerclassaction.com.au