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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Cove Point LNG Export Facility Gets US FERC Approval

U.S. federal regulators on Monday approved construction of Dominion Resources Inc's liquefied natural gas export project in Cove Point, Maryland. Cove Point is the fourth U.

DMR Examines Container Terminal Congestion Issues

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world

Fire at Milazzo Refinery Impacts Docks

Inchcape Shipping Services  is advising of extensive disruption after a fire broke out Friday afternoon (27 September) at Italy’s energy giant Eni and Kuwait Petroleum’s

Finance

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

300th Tug Brokered by Marcon Int'l

Marcon International, Inc. of Coupeville, Washington reported the sale of the U.S. flag, twin screw tug “Pacific Patriot” (ex-Pacific King) from Kirby Marine Offshore to U.

News

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

Almarin Buoys for GNL del Plata in Uruguay

Almarin has supplied fourteen buoys to OAS constructor for the maritime beaconing of the works of GNL del Plata project in Uruguay. Almarin Spanish AtoN supplier

Mercury Marine produces 75,000th Verado L6 Outboard

Milestone comes less than 10 years after launch of platform.   Mercury Marine, the world leader in commercial and recreational marine propulsion and technology,

Consulting

DMR Examines Container Terminal Congestion Issues

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world

IMO Takes Important Step Towards Electronic Certificates

In the future, the IMO member States should accept the use of electronic certificates. This is the request of the Facilitation Committee (FAL) and, hence, the road is paved for less paperwork,

ISS Chile Advising on Oil spill at Quintero Bay

Inchcape Shipping Services (ISS) Chile is advising of an oil spill at Quintero Bay, Nr Valparaiso, Chile, following an incident on Thursday 24th September at

Mergers & Acquisitions

Hamburg Süd Christens “Cap San Antonio”

On Friday, Hamburg Süd celebrated the christening of its container ship “Cap San Antonio” at the Cruise Terminal of Le Havre, France, with customers and business partners.

NAVTOR, AWT Pact Heralds in e-Nav Integration

E-navigation pioneer NAVTOR has signed an agreement with maritime weather routing specialist Applied Weather Technology (AWT) that will see the two companies integrating

Navig8 to Acquire ECO Chemical Tankers

Navig8 Chemical Tankers Inc. is pleased to announce that it has signed resale purchase agreements with an agribusiness group  to purchase two ECO 49,000 dwt chemical

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1945 sec (5 req/sec)