The CA will take considerable time to reach any conclusion imo. As an example : SGH initiated CA against SIP on 29/10/10 for non continuous disclosure as well as other transgressions , SIP settled on 24/10/12 for A$57.5M , a portion of this class action settlement reached was funded by insurers and subject to a right to "claw back " in certain circumstances. SIP CEO and CFO , pleaded guilty to a number of charges resulting in SIP having to reimburse insurers to to the tune of A$12.5M on 13/5/16.
My Points here..similar background events in CR , non disclosure accusations , SP collapse of 55%.
Claim against SGH will be larger , and therefore more complicated and more drawn out in time frame.
The CA was successful against SIP because obviously CEO and CFO acted improperly as judged by their guilty pleas. We do not know what the circumstances are in SGH case , and if in fact their is any impropriety on any members of the BOD. This will take an eon to unfold , but as other LT here I am very interested to have DD on purchase disclosed.
SGH Price at posting:
46.0¢ Sentiment: Hold Disclosure: Held
