Corporate Travel Management class action investigation
Maurice Blackburn Lawyers is investigating the circumstances surrounding the recent 27 per cent price dive of ASX-listed company, Corporate Travel Management (ASX:CTD) in late October 2018.
Investors that purchased Corporate Travel Management (CTD) shares in the period 1 July 2017 to 27 October 2018 can register their interest and details below on a cost and obligation free basis. Institutional investors can email relevant trade data to CTMclassaction@mauriceblackburn.com.au.
As part of this investigation, Maurice Blackburn will also be looking at whether another organisation – hedge fund VGI Partners Pty Ltd – might also be responsible for shareholders suffering the massive loss of value.
This comes after VGI released a critical 176-page report detailing 20 red flag allegations against CTD.
That report, its contents and its motivations are of particular interest to the Maurice Blackburn investigation, particularly in circumstances where VGI has taken a short position in CTD estimated to be worth about $55 million.
Principal Lawyer with Maurice Blackburn, Rebecca Gilsenan, said the accounting and operational issues at CTD that were identified as red flags in the VGI report would be scrutinised as part of the class action investigation.
“VGI and CTD each accuse each other of misrepresenting the true position at CTD,” Ms Gilsenan said.
“Either way, clearly something drastic has occurred here which has taken shareholders by surprise and shocked the market, and an investigation into what has caused those shareholder losses is a prudent first step we will take before committing to a class action.
“If there has been some form of corporate misconduct that has led to this significant price drop, then a class action is a sensible and efficient market-based enforcement mechanism to pursue accountability and redress for those affected.”
Investors that purchased Corporate Travel Management shares in the period 1 July 2017 to 27 October 2018 can register their interest and details now on a cost and obligation free basis. Institutional investors can email relevant trade data to CTMclassaction@mauriceblackburn.com.au