Agreed, the class action may not proceed, but they wouldn't be going through the process unless they thought there was a potential claim. Also worth noting that it could be against the directors rather than the company itself.
The problem with the 7th Jan disclosure saying 15% of terminals was that it was proven false when they then came out and said 30% of merchants had a terminal that failed on 13th Jan. Obviously all merchants have at least one terminal so it is at least 30% of terminals (and the terminal to merchant ratio shows there are 2 terminals on average per merchant). So the number of terminals exactly effected is still undisclosed. Estimates are between 10,000-20,000, I'm not sure it will be as high as the 50,000 Viceroy estimated but it is definitely more than they have been willing to disclose.
Realistically, Tyro needs to compensate their clients if they want to retain them. NAB had a similar issue in 2018 and compensated clients for 100% of their losses. If they don't compensate then why would any merchant stick with them if they know they will likely be compensated by a big 4 terminal provider for any future issues?
TYR Price at posting:
$2.32 Sentiment: Sell Disclosure: Not Held
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