Australian Securities Class Action Trial May Commence This Week
According to this article from Thomson Financial, a shareholder class action against Australian gaming machine manufacturer Aristocrat Leisure Ltd. is due to “start” in the Federal Court in Sydney on Thursday. As this case was filed back in November 2003, we assume this means that a trial in this case is about to get underway.
The article adds that the shareholders are seeking 200 million Australian dollars in damages (approximately US $225 million), “claiming Aristocrat misled them by misstating its 2001 profit and failing to keep them informed, in late 2002 and early 2003, before announcing earnings downgrades that eventually wiped 2 billion dollars off the company’s market value.”
