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
Most listened to
- ‘We’re failing to consider these people are entitled to due process’ – Damien Grant on state’s ‘pernicious’ assets seizures
- Vector CEO Simon Mackenzie on what’s wrong with the transmission price review
- Paul Goldsmith says it’s hard to argue against stronger rules for the insolvency industry
- ASB's Nathan Penny says milk prices will continue to lift, following today's 50c increase to Fonterra's milk price forecast
- Methven's David Banfield talks market share and profitability