Class actions dead in the water, page-3

Class actions rarely go ahead or succeed in the absence of regulatory mischief. ASIC inquiries were to do with carrying value of WIP in light of recent AASB 15 accounting changes which are more conservative. They made SHJ mark their WIP down by 10% and SGh by 5%.

Newcrest was fined by ASIC for disclosure breaches and settled a class action. 27% of the write down was due to the Osbourne changes. This is out of the hands of the company.