Billabong settles class action for $45 million

Stu Nettle picture
Stu Nettle (stunet)

181631-120218-b-billabong-shares_0.jpgBillabong has agreed to pay $45 million to settle a shareholder class action relating to its share price collapse in 2011.

The class action was filed by Slater & Gordon who alleged the retailer did not comply with disclosure obligations and misled investors over earnings forecasts for 2012. Specifically, the company gave earnings guidance for the 2012 financial year that lacked reasonable grounds.

Under the proposed agreement, Billabong will pay a total of $45 million, inclusive of legal costs, to settle the claims of class action group members. Billabong has said the settlement isn't an admission of liability.

The class action commenced in 2015 on behalf of approximately 730 investors who acquired Billabong securities between February 18, 2011 and December 19, 2011.

The settlement was reached ahead of a seven week trial scheduled to commence in March 2017.


poo-man's picture
poo-man's picture
poo-man Monday, 11 Jul 2016 at 12:24pm

This seems like it happened years ago. Does it take that long to bring a class action to fruition? Any precedent being set here for the SurfStitch case?

freerider.'s picture
freerider.'s picture
freerider. Tuesday, 12 Jul 2016 at 5:42pm

And another one, and another one, and another one bites the dust.....

h_b_bear's picture
h_b_bear's picture
h_b_bear Thursday, 14 Jul 2016 at 3:57pm

Nice shake down by Slugs & Grubs. They can put their cut towards paying out the class action brought against them by fellow ambulance chasers Maurie Blackburn.