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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news