The following may strike a chord with ABU shareholders. I...

The following may strike a chord with ABU shareholders.

I believe the Federal Court has just found in favour of Newcrest shareholders.
PB

Class Action Update
Slater and Gordon has commenced a class action against Newcrest Mining Limited in the Federal Court of Australia.
The proceeding has been brought on behalf of all shareholders that acquired an interest in Newcrest ordinary shares between 13 August 2012 and 6 June 2013 (inclusive) (the claim period).
It is alleged that, during the claim period, Newcrest engaged in misleading or deceptive conduct by providing production guidance without reasonable grounds. It is also alleged that Newcrest breached its continuous disclosure obligations by failing to inform the market of price sensitive information.
In response to an ASIC investigation, Newcrest recently admitted that it breached its continuous disclosure obligations from 28 May 2013 to 6 June 2013. The damages sought in the class action include damages for any losses suffered by group members throughout the whole claim period, including as a result of those admitted contraventions.
Background
Newcrest is one of the world’s largest gold mining companies measured by reserves and market capitalisation. It has six mines currently operating in Australia, Indonesia, Papua New Guinea and West Africa.
On 7 June 2013, Newcrest informed the market that it would:

• downgrade its forecast FY14 gold production;
• write down all of the $3.8bn of goodwill on its balance sheet;
• impair the carrying value of its mining operations by a total of $2.2bn; and
• not declare a final dividend in FY13.

Newcrest’s share price fell by almost 20% following the disclosure of this information.