There is definitely a place for class actions in the business environment especially considering the recent examples of short sighted actions of many directors at many organisations.
in this case however the accusations seem pretty paper thin - reforecasts are an educated guess- while it should be derived using some basis of research it is not going to be the final version. Generally as well a lot of additional transactions can take place between the final business day of the year and the actual results presented to the market due to adjustments, etc which generally only get determined and booked after year end.
in this case reforecasting $160m and then presenting a final balance of $156m is actually a pretty good reforecast. To start a case for such a small miss suggests either a hint of desperation or just plain greed (or a mix of both). I hope the directors don't roll over and fight this case vehemently.
GLTA
GEM Price at posting:
$1.23 Sentiment: Buy Disclosure: Held
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