100%. I participated in the Maurice Blackburn class action against Slater & Gordon when the company repeatedly said their accounting practices and valuation of a huge UK investment were sound.
Later, Slater & Gordon revised their valuation and were found to have cash flow problems. Their shares fell 90+% in a few days.
As a holder, I had relied on the company's announcements to make my investment decision. The nature of their lies was significantly worse than the missed milestones at AJX but guess how much I got back from the class action lawsuit?
Zero.
All the class action did was sink the share price even lower and force them to pay legal fees that they couldn't afford, which hurt the business even more. Shareholders don't win from class actions, the lawyers do. That's why the lawyers generally take on class actions free of charge.
100%. I participated in the Maurice Blackburn class action...
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