Agricultural chemicals maker Nufarm expects final court approval for settlement of a class-action suit relating to investors who traded its shares in 2009 and 2010 when it was accused of mis-stating its results and debt levels.
Nufarm has agreed to an increased settlement of $A46.6 million from the $A43.5 million announced in August to cover an expanded number of claims. It said today that the Federal Court (Victorian Registry) will be asked tomorrow to give final approval of the settlement.
"All parties have now agreed with the revised settlement and it will be considered by the court at a hearing in Melbourne tomorrow," it says.
The company had previously denied all allegations of wrongdoing and said it would vigorously defend the case.
But in August, chairman Donald McGauchie said that in agreeing to settle, Nufarm's board "carefully considered risks and costs associated with a protracted litigation and demand on management's time".
The lawsuits had reportedly attracted hundreds of disgruntled investors who bought Nufarm shares between September 2009 and August 2010 and had been scheduled to go to trial in September 2013.
Nufarm's ASX-listed shares rose 0.6% to $A5.75 and have gained about 25% in the past year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- The Rumble: 2015’s IPO drought
- MARKET CLOSE: Shares rise on A2 bounce back; Tower, Genesis attract investors
- High Court hears allegations over redacted report in Trends R&D funding case
- Scentre Group to sell three Westfield malls to NZ firms for $549m
- Parent, widow of Pike River casualties fail to force review of decision to drop charges against Whittall
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’