Denial
Having personally sued 5 companies in the past and also been involved in 2 class actions (all of which I won) I would say that there is a very strong case for a class action.
On the 20th August the CEO stated in a media release "the company expects 20 per cent profit growth for the year ahead"
2011/12 NPAT was $56.1M so with 20% growth he expected $67.3M NPAT
On the 19th Sept (30 days later) this was downgraded by up to $47.3M (ie $20m-$40M).
That is a very substantial downgrade in a period of 30 days and its hard to believe that nobody in the company knew about it.
That's why there is a strong chance that there will be a class action IMHO.
sunday inside business program, page-24
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