Bellamy’s class action
Maurice Blackburn, Australia’s leading class action firm, has filed a class action against Bellamy’s Australia Limited (ASX:BAL) (Bellamy’s), in the Federal Court of Australia on behalf of the lead applicant, Peter Basil, (Basil v Bellamy’s Australia Limited FCA VID213/2017) for alleged breaches of its continuous disclosure obligations and for allegedly engaging in misleading or deceptive conduct regarding the growth prospects of the company and its infant formula trade (The Basil Class Action).
In November 2019, the parties reached an in-principle agreement to settle the class action, together with a related class action being conducted by Slater & Gordon, for $49.7m, inclusive of GST and costs. On 13 March 2020, the Federal Court approved the settlement.
Maurice Blackburn has been appointed the Administrator of the Settlement Distribution Scheme. In April 2020, Maurice Blackburn will send eligible group members further information about steps they are required to take to receive a distribution from the Settlement Sum.
Group members do not need to take any steps before then and payment details will not be accepted via email.
If you have any questions about the proposed settlement please contact Maurice Blackburn on 1800 285 179 or by email to BellamyClassAction@mauriceblackburn.com.au
Who is part of the class action?
The class action has been brought on behalf of people who acquired shares in Bellamy’s during the period 14 April 2016 and 12 December 2016 and who, as at 13 September 2017, have entered into a litigation funding agreement with Investor Claim Partner Pty Ltd and ICP Capital Pty Ltd (ICP) (Basil Class Action Group Members). The right to register to participate in the class action closed some time ago. If you are not already registered you cannot participate in the proposed settlement.
Key Court Documents