Commonwealth Bank of Australia potential class action
Australia’s leading class action law firm, Maurice Blackburn Lawyers, with support from litigation funding giant IMF Bentham, is investigating a potential shareholder class action on behalf of aggrieved Commonwealth Bank of Australia (ASX:CBA) investors who suffered losses due to the share price fall following the institution of legal proceedings by AUSTRAC against CBA.
If you purchased ordinary CBA shares during the period from 17 August 2015 to 3 August 2017 and still held some or all of those shares on until after 1pm on 3 August 2017, you can register your claim here, at no cost or risk.
Background to the allegations
Shareholders in Australia’s largest ASX-listed company suffered one of the biggest single price movements in CBA’s recent history following revelations that CBA would face legal proceedings in Federal Court, in which Australia’s financial intelligence and regulatory agency, AUSTRAC, alleged that CBA contravened the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) over 53,000 times.
When news of the AUSTRAC proceeding broke became public, CBA’s share price fell from an intra-day high of $84.69 on 3 August 2017 to an opening price of $80.11 on 7 August 2017 (a fall of $4.58 or 5.4%) – a significant movement for an otherwise stable stock.
The investigation will focus on whether CBA made any misleading and deceptive statements, or breached its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules, in light of recent comments by CBA Chairman Catherine Livingstone AO, who confirmed that the Board of CBA was made aware of possible breaches of the AML/CTF Act in the second half of 2015.
Registration is free and without obligation.
To find out more about the class action investigation, contact IMF Bentham:
Phone 1800 016 464