Tate Class Action
A Class Action against Franklin Joel Tate, a former director of
Evans & Tate Limited, was dismissed by consent on 25 September
2009 after the lead applicant, Lewis Securities Limited,
was placed into liquidation. The class had 51
group members, many of whom opted out of the claim before it was
dismissed.
The claim was made for losses suffered by 52 shareholders
of Evans & Tate Limited when the company
failed. It was alleged that Mr Tate was involved
in:
- a failure by the company to disclose to the market
material information concerning its cash and debt position;
and
- the making of a number of misleading statements made by
the company to the share market; between 15 August
2004 and 12 September 2005.
The group members who opted out preserved their rights by
doing so. If these persons want to claim
compensation from Franklin Tate for losses suffered by them when
Evans & Tate Limited failed, they can do so until the 6 year
limitation period expires.
The group members who remained in the class will need to
get legal advice if they want to claim compensation from Franklin
Tate, because the dismissal of Lewis Securities' claim dismissed
their claims as well.
A copy of the claim that was made against Mr Tate will be
provided on request.