If you read this article by Anthony Klan in The Australian it will give you an inkling as to what's happening on the class action front:
https://www.theaustralian.com.au/news/inquirer/the-fight-to-win-compensation-for-duped-condor-blanco-investors/news-story/5a6d20a824c8c207e73bade1301ebb16
To quote the article:But more importantly, when it comes to issues that are relatively complicated and involve smaller companies, ASIC tends to take no action — it argues investors who should get together for “class actions” in the hope of recovering their losses.
But, like ASIC, class-action litigators find taking on smaller companies — with losses of, say, $30m — is not worth the trouble. They have to charge substantial fees to cover the heavy cost of lawyers, and take the risk that they lose and recover nothing. And by the time they take what they consider to be a fair share of any proceeds in the case of smaller companies, that share comes in at as much as half or more of any returns.
“The shareholders get upset and attack them, which is a PR nightmare, so they just steer clear,” Farquhar says.
The financial dynamics of the market have created a perfect storm for financial crime.
--- End quote ---
HML has raised approximately $50M from investors, meaning that it's still in that sweet spot where no litigation firm wants to touch it because it will be more trouble for them than it's worth. The directors are also making a point of deterring any class action firm from taking on a case against them by letting their lawyers off their leash at every opportunity.
