Regency Funding Pty. Ltd
Shine Lawyers Class Action Lawsuit
In January 2016, the trade of shares in Shine Corporate Limited (ACN 162 817 905) were halted abruptly on the ASX for “provisioning and business reviews.” Shine’s ensuing updated market guidance slashed its projected FY2016 earnings forecast slashed by half, from $54 million to $26 million. When trading resumed on 29 January 2016, Shine shared plummeted 73% in a single day. The class action lawsuit alleges this loss of share value occurred because Shine made misleading market statements about its real market value.
Those who acquired and held shares between 27 August 2014 and 29 January 2016 may have a claim for damages.
Register now to join the class action lawsuit.
Information about the class action lawsuit
Quinn Emanuel Urquhart & Sullivan along with litigation funder Regency Funding Pty. Ltd. have filed an open shareholder class action against Shine Corporate Limited alleging that Shine misled the market in a series of representations it made to the market in 2014-2015 regarding the value of its ongoing business activities and the accounting standards used for that valuation. We say that Shine knew or should have known that its misleading statements would have materially impacted on its FY 2016 results, and should have been disclosed to the market. As a result, Shine shareholders who acquired and held their shares during the relevant time frames should be entitled to recover damages.
Eligible participants in this class action are all shareholders who acquired and held Shine shares between 27 August 2014 and 19 January 2016 and/or 27 August 2015 and 19 January 2016. If you believe you are an affected Shine shareholder and would like to participate in this class action, please register your interest using the form below or contact, Damian Scattini on (02) 9146 3500.