Lendlease class action

Am I eligible to join the class action?

You are eligible to join the Lendlease class action if:

• (a)  you purchased Lendlease ordinary shares and/or ADRs between 17 October 2017 and 8 November 2018 (inclusive); and
• (b)  you are not:
  • a related party, related body corporate, associated entity, or officer or close associate (as defined by the Corporations Act 2001 (Cth)) of Lendlease; or
    
  • the Chief Justice or a Justice of the Supreme Court of New South Wales or the High Court of Australia. 

Institutional investors should contact LendleaseCA@mauriceblackburn.com.au in order to obtain a registration pack and to provide relevant trade data to our legal team.

Registration is cost and risk free, with the matter being supported by litigation funders, Harbour Litigation Funding and Therium Litigation Finance.

If you are eligible, and you wish to participate in the class action and potentially receive some compensation from any future settlement in the class action that is entered into before midnight of the day prior to the commencement of the trial of the class action and which is subsequently approved by the Court, you must register your claim by no later than 4.00 pm (AEST) on 3 October 2025.

For any queries please feel free to contact Maurice Blackburn at LendleaseCA@mauriceblackburn.com.au or call 1800 411 679 (Toll free).

About this class action

The action has been commenced on behalf of Lendlease investors who acquired an interest in Lendlease shares and/or American Depositary Receipts between 17 October 2017 and 8 November 2018 (inclusive). The plaintiffs allege that investors who acquired securities in this period paid an inflated price and should be entitled to recover some of their losses through our shareholder class action.

Claim overview 

On 9 November 2018, Lendlease announced to the market that it had identified 'further underperformance' in its Engineering and Services Business, which it considered was likely to necessitate a provision of approximately $350 million after tax. Lendlease also announced that it was reviewing its Engineering and Services Business in light of that underperformance.

The market reacted sharply to the announcement, with Lendlease's share price dropping by more than 18% in a single day of trading on 9 November 2018.

In its half year results presentation on 25 February 2019, Lendlease’s Managing Director Stephen McCann noted his 'disappointment' with pre-tax losses of $500 million arising from underperformance of its Engineering and Services Business. Lendlease announced that it now considered the Engineering and Services Business was 'no longer a required part of the Group's strategy,' and it expected to incur restructuring costs of between $450 million and $550 million pre-tax as a result of that decision.

The class action alleges that Lendlease failed to comply with its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules and engaged in misleading and deceptive conduct in respect of the performance of its Engineering and Services Business.

Lendlease denies the allegations made against it, and is defending the class action.