all it will take, is one for shareholder (current or former holder) who can say they've suffered a loss due to non disclosure / misrepresentation to contact a plaintiff law firm like Shine, or slater and Gordon. The law firm is will look into it. If they think that there a case, then they will seek more participants. Who knows, this might have already started.
whilst the claim is against the company, there is an insurance company in place that pay the compensation. So it doesn't necessarily come out of company funds or directors pockets.
The company doesn't have to be formally declared insolvent or delisted for the class action to start. Recently there have been class actions against westpac, cba, retail food group. These stocks still trade.
A usual there is a lot of misinformation posted in response to your question. Hopefully, this clears things up.
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