This relates to alleged disclosures or non-disclosures made between 25 Feb & 31 May 2010 regarding the Waratah train project.
1 June was when Downer announced a $190m impairment charge on the Waratah train project. So we can assume IMF reckon Downer should have said something about this sooner.
If I recall correctly they did. Everyone was told about the cost overrun but nobody, including the directors, could say if Downer was liable for it. When the decision was made to cover the cost overrun (regardless of who was liable) the market was informed. So I don't reckon IMF have a case here.
But if the past is anything to go by, Downer won't fight and will probably just throw IMF a bone to get rid of them.
I suppose sometimes lawyers can be a bit like sharks trying to take a bite out of a wounded whale.
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