Class action

Consider the class action that is currently being pursued by Facebook investors against Zuckerberg for poor forecasting and failing to warn investors of slowing growth: https://www.rt.com/business/434624-facebook-zuckerberg-sued-market-shareholders/

This stemmed out of a 20% drop in Facebook shares after the most recent investor call.

AHZ is currently down 28% based upon today's quarterly results.

WP clearly stated that we could expect Adapt sales to be $4.4m. It was $2.7m which is not even close and there was no update to the previous target to prevent today's shock.

This all happens after the SPP debacle after WP stated to investors that "no more dilutionary capital raisings would take place".

We also had the former director Ratty appear to mislead the market by stating that he'd support the SPP, which he technically did, but was really dumping his larger shareholding on the market at the same time. I can't see how this couldn't be perceived as anything other than market manipulation. Yet there was no comments from the board to clarify why this would be anything other than this.

It's pretty clear that the management are not doing their jobs and that there is a very good case to claim on their directors insurance. At this stage this is perhaps the most likely way for shareholders to recover their investment in AHZ.

Shareholder class actions against their management are common in the United States and are becoming more common in Australia. They aim to get the directors' professional indemnity insurance policies to pay for damage to the share price.

In my years of investing on the ASX I have not seen a more clear reason to pursue a class action.

Is anybody interested in pursuing this? Thumbs up if you do.

And if anybody has any experience regarding shareholder class actions, please chime in. I know of a law firm that could do this but if there's anybody with better knowledge then please contribute to this discussion.