Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Nufarm expects court sign-off on A$46.6M class suit tomorrow

Nufarm expects court sign-off on A$46.6M class action tomorrow

Nov. 27 (BusinessDesk) – Nufarm, the agricultural chemicals maker, expects final court approval for settlement of a class action suit relating to investors who traded its shares in 2009 and 2010 when it was accused of misstating its results and debt levels.

Nufarm has agreed to an increased settlement of A$46.6 million from the A$43.5 million announced in August to cover an expanded number of claims. It said today that the Federal Court (Victorian Registry) will be asked tomorrow to give final approval of the settlement.

“All parties have now agreed with the revised settlement and it will be considered by the court at a hearing in Melbourne tomorrow,” it said.

The company had previously denied all allegations of wrongdoing and said it would vigorously defend the case. But in August, chairman Donald McGauchie said that in agreeing to settle, Nufarm's board “carefully considered risks and costs associated with a protracted litigation and demand on management's time".

The lawsuits brought had reportedly attracted hundreds of disgruntled investors who bought Nufarm shares between September 2009 and August 2010 and had been scheduled to go to trial in September 2013.

Nufarm’s ASX-listed shares rose 0.6 percent to A$5.75 and have gained about 25 percent in the past year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news