If it's new news, it means OB has agreed to fund the class...

If it's new news, it means OB has agreed to fund the class action in principle. Their team of book builders will now likely approach and try to sign up large intuitional investors who've experienced the biggest "loss".

Naturally, to make their likely 40% cut of any settlement worth the risk, they want the "loss" amount to be as big as possible. Their website is mainly for farming claims from retail shareholders. They will likely soon choose a sympathetic mum and dad retail holder to act as lead plaintiff to garner media support / more engagement.

They will likely have set a "loss" target for making this all worthwhile. If it's not reached, they'll likely quietly go away. If it is, they'll push forward. If the case has merit which resulted in either a pre-court settlement or a decision against Mesoblast, the company would likely have some kind of insurance that would pay the monies rather than Mesoblast itself.

None of this is commentary on the validity of the class action (of which I'm skeptical, bios are risky yo), but to give an insight into the current process.

In as much as a class action can be a fishing expedition, so to is litigation funding book building. The huge volume of shares traded during a short, defined recent time period would have been rather attractive too - makes discovery easier / more front of mind for those who experienced a "loss", and the "loss" likely bigger given what's occurred. Safe to say these drivers would likely have played a far more significant role in incentivising the law firm and litigation funder to act than 'doing good'.