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We're investigating whether CTM and PwC misled investors and if shareholders are owed compensation.
Maurice Blackburn is investigating a potential shareholder class action against Corporate Travel Management Limited (CTM) and its former auditor, PricewaterhouseCoopers (PwC) in relation to a major share price decline on 3 September 2026, after the shares resumed trading following a year-long trading suspension.
If you acquired an interest in CTM shares (ASX: CTD) between 1 October 2020 and 22 August 2025 (inclusive), we encourage you to register your interest.
Register your interest for the Corporate Travel Management Class Action Investigation
Be the first to know about developments in the investigation and whether you could be eligible for compensation.
Want to speak to us sooner? Contact the team on 1800 434 056 or email CorporateTravelManagement@mauriceblackburn.com.au.
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What is the Corporate Travel Management Class Action Investigation about?
On 22 August 2025 trading in CTM’s shares was suspended, when the company disclosed that in the course of preparing its consolidated FY25 full year results, it had become aware that a material correction would need to be made to certain aspects of the company’s previous financial statements.
The trading suspension would ultimately remain in place for more than a year. During that period it was revealed that for many years the company had overcharged customers (particularly the UK government) and had retained significant amounts to which it was not contractually entitled. As a result, CTM:
- was now required to repay substantial amounts to those customers; and
- its previous financial statements (which had been audited by PwC and were the subject of a clean audit opinion) contained material errors, by significantly overstating CTM’s revenue and earnings, and significantly understanding its liabilities, and would therefore need to be restated.
During the same period, shares in CTM were removed from the S&P/ASX 200 index.
On 21 August 2026 CTM announced that it had concluded remediation arrangements with the majority of key impacted UK customers, and on 27 August 2026 it published its restated financial statements, and its long overdue FY25 financial statements.
On 3 September 2026 shares in CTM resumed trading. On that day the share price opened at $3.00 (a decline of more than 80% from the last closing price of $16.07 on 22 August 2025). By the close of trading on 3 September 2026, the share price had fallen to $2.32, an overall decline of more than 85%.
Our investigation concerns whether CTM engaged in misleading or deceptive conduct and/or breached its continuous disclosure obligations by failing, over a period of several years, to disclose the overcharging issues, and by publishing financial statements which contained material errors; and whether PwC engaged in misleading or deceptive conduct by providing a clean audit opinion in respect of those financial statements.
FAQs
You are encouraged to register for this investigation if you acquired an interest in CTM shares (ASX: CTD) between 1 October 2020 and 22 August 2025 (inclusive).
While proceedings are yet to be filed, we encourage you to register your interest as soon as possible. By registering now, you will receive important updates about the case and be notified if you need to take any steps to claim compensation. Registration ensures you do not miss critical information.
No. It will not cost you anything to register your interest in this investigation, and you will never be asked to pay any costs out of your own pocket.
If proceedings are filed, group members will not be asked to pay anything upfront.
Costs will only be payable from any settlement or judgment amount if:
- the case is resolved by settlement (meaning the defendant agrees to pay compensation without a trial); or
- the case succeeds at trial and a judgment is obtained in favour of the group.
Court approval is required before any payments are made to Maurice Blackburn from any settlement or judgment amount.
At this stage of our investigation, it is not possible to predict how long it will take for any potential class action to be resolved. Class actions usually take between 2 – 4 years to be resolved, although this is dependent on many factors during the legal process, including how the defendant responds to the case.
Confidentiality and privacy are very important to us. You can access our Privacy Policy here.
If you still have questions, please call Maurice Blackburn on 1800 434 056 or email us at CorporateTravelManagement@mauriceblackburn.com.au.
You may contact Maurice Blackburn for more information at no out-of-pocket cost.
Australian leaders in class actions.
Our reputation for excellence in class actions is unparalleled, having recovered more than $5 billion for clients.
We are the only Australian class actions firm to deliver $100m+ settlements to clients in shareholder and listed securities actions, which we have done on ten occasions.
Lower cost to clients
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Australian leaders in class actions.
Our reputation for excellence in class actions is unparalleled, having recovered more than $5 billion for clients.
We're the only Australian class actions firm to deliver $100m+ settlements in multiple shareholder and listed securities actions, which we have done on 11 occasions.
Lower cost to clients
Biggest recoveries
Most experienced
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