It’s a class action being backed by a litigation funder..
the litigation funder would have identified the circumstances, and then waited for the outcome of the judgement before pulling the trigger on the action.. how the funder became aware of ISX, who knows, but they generally have a pretty wide net cast looking for potential cases..
The dates are the important aspect, I haven’t checked but the August 2018 date I assume is the release of some sort of financial info by ISX (which didn’t include the detail that revenue was one-off), and the October 2019 will probably be suspension date?
So anyone who bought between those dates didn’t have all relevant material information, and have suffered financial losses
the prize will be payout under the insurance policies that ISX had covering the period, of which the funder will receive a significant slice; and the rest divided up between plaintiffs who decide to join
depensing on who the litigation funder is, it’s worth point out that as an industry they don’t bother backing coin flips.. usually near certainties and the matter will likely be settled (with the insurance company) well before it sees a courtroom
SP1 Price at posting:
$1.07 Sentiment: None Disclosure: Not Held
