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

 

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

The Future: Thirty Year Infrastructure Plan Released

The Thirty Year New Zealand Infrastructure Plan 2015 sets out New Zealand’s response to the infrastructure challenges we will face over the next three decades, Finance Minister Bill English says. More>>

ALSO:

Shopping: Online GST Discussion Document

GST: Cross-border services, intangibles and goods contains proposals to require overseas suppliers to register and return GST when they sell services (including online products such as e-books, music and videos) to New Zealand consumers. It also outlines the way forward for improving the collection of GST on all goods, including low-value imported goods. More>>

ALSO:

Keith Rankin: Auckland Slowdown?

Has the Auckland housing market turned? I went to a neighbourhood auction yesterday. Solid large 1950s' house on 1,000 square metres of land, sunny section, view over city from front of house, handy to train and to the expanding New Lynn retail and commercial hub. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news