Maurice Blackburn Investigates Potential Corporate Travel Management Shareholder Class Action

Maurice Blackburn is investigating a potential shareholder class action against Corporate Travel Management Limited (ASX: CTD) and its former auditor, PricewaterhouseCoopers, following the dramatic collapse in CTM's share price after trading resumed in September 2026.

The investigation relates to allegations that CTM failed over several years to disclose issues concerning customer overcharging and published financial statements containing material errors, and whether PwC engaged in misleading or deceptive conduct by issuing clean audit opinions in respect of those financial statements.

Trading in CTM shares was suspended on 22 August 2025 after the company disclosed that a material correction would need to be made to aspects of its previous financial statements. The suspension lasted more than a year. During that period, CTM disclosed that it had overcharged customers, particularly within the UK government sector, and its prior financial statements materially overstated revenue and earnings and understated liabilities, requiring restatement.

When trading resumed on 3 September 2026, CTM shares opened at $3.00, down more than 80 per cent from the last closing price before the suspension. By the end of the trading day, the share price had fallen to $2.32, representing a decline of more than 85 per cent.

Maurice Blackburn Principal Steven Foale said shareholders who suffered losses deserve answers about how the circumstances developed and whether the market was properly informed.

“The scale of the share price collapse following CTM's return to trading raises serious questions about what CTM knew, and when it knew it, and whether PwC’s audits met the required standards. Investors are entitled to expect that listed companies comply with their continuous disclosure obligations and provide accurate financial information to the market.”

“Our investigation will examine whether shareholders traded in CTM shares at prices that were inflated because critical information was not disclosed when it should have been, and whether investors suffered losses as a result.”

Mr Foale said the investigation highlights the important role shareholder class actions play in maintaining confidence in Australia's financial markets.

“Shareholder class actions are a vital mechanism for holding corporations and market participants accountable when disclosure obligations are not met. They help promote transparency, integrity and confidence in Australia's capital markets.”

“For many retail and institutional investors, class actions provide the only practical avenue to seek redress where alleged misconduct has caused significant financial harm. They ensure that companies understand there are real consequences when market disclosures fall short of the standards investors are entitled to expect.”

Maurice Blackburn is encouraging persons who acquired an interest in CTM shares between 1 October 2020 and 22 August 2025 to register their interest in the investigation.