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.
For more information about the Tate Class Action please contact Ben Slade on (02) 8267 0964