MY03 - If you wanted to take legal action, a class action with 1...

MY03 - If you wanted to take legal action, a class action with 1 lead applicant could be an option but all members of the class have to have the same cause of action otherwise you will have to have multiple classes within the class action (which from experience is not always the best way) this also means that all shareholders (after 7 shareholders opt in) are included in the action no matter who funds it!

A representative action where a group of shareholders will all become Applicants/Plaintiffs are defined and therefore are the only ones to benefit directly from the judgement (if settlement is not achieved). Although a shareholder who was not party to the proceedings can use the judgement as a precedent in their own proceedings.

In a representative action all Applicants/Plaintiffs are liable for any adverse costs orders as opposed to the Lead Applicant in a Class Action unless you are indemnified by a Litigation Funder.

The main issue here is that you have to identify the Misleading and Deceptive Conduct of the Directors and then there must be evidence of reliance on that Misleading and Deceptive Conduct for each Applicant/Plaintiff unless a fraud on the market is pleaded.