Conditional Settlement of Leighton Class Action

Posted by Joseph R. Fonseca
Sunday, May 18, 2014
Leighton Holdings

Leighton Holdings Limited announces that it has entered into a conditional agreement to settle the shareholder class action brought against it in relation to the 11 April 2011 disclosure of a revision of its profit forecast for the 2011 Financial Year.
 
The claim was commenced by Inabu Pty Ltd. The class comprises shareholders who purchased shares in the period from 16 August 2010 to 11 April 2011.
 
Under the terms of the settlement, Leighton Holdings will pay $65.55 million (plus costs). The settlement will have no material impact on earnings or profit forecasts.
 
Leighton Holdings’ CEO, Mr Marcelino Fernández Verdes, said: “Whilst we continue to deny the claim, the decision to settle the class action was a commercial one, taken in the interests of our shareholders. Resolving the matter permits management to focus on the operations of the business. It is important to note that the settlement is not an admission of any liability or a finding of any breach of law against Leighton or any of our executives.”
 
Consistent with the requirements for all class actions in the Federal Court:

• the settlement remains conditional until approved by the Court; and

• class members will have the opportunity to opt-out of the proceedings before the Court determines the application for approval.
 
Under the terms of the agreement, Leighton Holdings has an option to withdraw from the settlement if the result of the opt-out process materially affects the class covered by the settlement.
 
If the settlement is approved by the Court:
• it will be administered in accordance with the settlement scheme approved by the Court; and
• following that process, the class action will be dismissed without any admission of liability or finding of breach of law .
 
Leighton Holdings will update the market in accordance with its continuous disclosure obligations as required in relation to the settlement and the Court approval process.
 

 Leighton Holdings

  • Logo

    Logo

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

Antwerp Port Extends Partnership with DMU of China

The port of Antwerp is to collaborate with Dalian Maritime University (DMU) in northern China for the next three academic years. DMU is a prestigious Chinese maritime

Will Maersk Line acquire HMM

There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither

Ports

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

New Era of Global Trade with Expanded Panama Canal

The Expanded Panama Canal is now officially open for business.   During the official inauguration ceremony, Panamanian President Juan Carlos Varela and Panama Canal Administrator and CEO Jorge L.

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

News

Red River Closed after Barge Grounding

The Red River was closed Sunday from mile marker 40 to mile marker 42, after a barge reportedly ran aground and was protruding into the channel near mile marker 41, according to the U.

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Tanker Crewman Medevaced off Virginia

The U.S. Coast Guard medevaced an ailing crew member Saturday from a tanker off Virginia Beach.   Coast Guard watchstanders at the 5th District Command Center

Consulting

LR Suggests Locations for In-water Surveys

Lloyd’s Register has recently re-appraised its guidance on locations where an In-Water Survey may be carried out.   Traditionally, these locations were known as ‘Approved Locations’,

GTT, Endel Team-up to Roll-out Membrane Containment Systems

21 June 2016. GTT and the Endel company1 reaffirmed their collaboration in the area of LNG as a marine fuel, following the recent signature of a Technical Assistance

IAMPE Certifies Port Professionals

The International Association of Maritime and Port Professionals (IAMPE) has informed about the Accredited Marine Port Executive Professional Certification. This

Mergers & Acquisitions

Beier Purchases South Coast Electric Systems

Beier Integrated Systems (Beier) informs it has purchased South Coast Electric Systems (SCES) from American Electric Technologies (AETI), expanding the its manufacturing

Will Maersk Line acquire HMM

There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

 
 
Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1316 sec (8 req/sec)