gns vs shareholders class action - in court !

Story now running on line on the ABC.


Shareholders in the Tasmanian timber company Gunns have launched a class action in the Federal Court saying they lost millions of dollars due to the poor disclosure of the company's accounts.

Shareholders claim they should have been warned that Gunns' financial results for the first half of 2010 were going to be very poor compared to the period before.

Gunns reported a $30 million fall in net profit which was almost 100 per cent lower than the same time the year before.

Lawyers from Maurice Blackburn are representing 300 shareholders.

They allege that Gunns did not comply with the Corporations Act's requirement of continuous disclosure.


http://www.abc.net.au/news/stories/2011/04/20/3197046.htm?section=justin

Just another installment in the saga of GNS

CoolRoom