Shine Corporate Class Action
NOTICE OF PROPOSED SETTLEMENT – IMPORTANT LEGAL NOTICE
WHAT IS THE SHINE CORPORATE CLASS ACTION (THE CLASS ACTION)?
On 26 September 2017, Allen Dodd as Trustee for the Dodd Superannuation Fund, represented by Quinn Emanuel Urquhart & Sullivan (Quinn Emanuel), commenced a class action against Shine Corporate Ltd (Defendant or Shine). The Class Action was filed on behalf of Shine shareholders for alleged financial losses sustained as a result of alleged contraventions by the Defendant between 27 August 2014 and 29 January 2016 (Relevant Period).
PROPOSED SETTLEMENT OF THE CLASS ACTION
While Shine has not admitted any liability in the Class Action, the Plaintiff and Shine have still agreed on terms for a proposed settlement. As a Group Member, this may be important to you because the Plaintiff and all Group Members will be bound by the proposed settlement and will be unable to pursue any further claim against Shine or its related parties in respect of those matters if it is approved by the Court. A Court hearing to approve the proposed settlement is scheduled for 6 August 2019.
WHAT DO GROUP MEMBERS NEED TO DO?
If you would like more information about the upcoming settlement approval hearing please call Quinn Emanuel on (02) 9146 3548.
If you have registered as a Group Member, you are not required to do anything further at this stage to progress your claim, will be contacting you shortly. If you wish to be heard at the settlement approval hearing, you must act before 28 June 2019.
If you have not registered as a Group Member, and the proposed settlement is approved by the Court, in the absence of a further order of the Court, you will be bound by the settlement. You will also not be able to pursue a claim against Shine in relation to the matters that are the subject of the releases granted to Shine as party of the settlement and you will not be entitled to participate in the settlement.
If you opted out as a Group Member, you are not bound by the outcome of the Class Action.
FREQUENTLY ASKED QUESTIONS
WHAT IS A CLASS ACTION?
A class action is an action that is brought by one or more persons (the Plaintiff) on behalf of a class of people (Group Members) against another person (the Defendant) in circumstances where the Plaintiff and Group Members have similar claims. Group Members in a class action are not individually responsible for the legal costs associated with bringing the class action. Generally, in a class action, only the Plaintiff is responsible for those costs.
WHAT ARE THE ALLEGATIONS AGAINST SHINE?
The Plaintiff alleges that during the period, 27 August 2014 and 29 January 2016, Shine:
- engaged in misleading or deceptive conduct in contravention of section 1041H(1) of the Corporations Act 2001(Cth) (the Corporations Act), s12DA(1) of the Australian Securities and Investments Commission Act 2001(Cth) (the ASIC Act) and/or section 18 of the Australian Consumer Law; and
- breached its continuous disclosure requirements under section 674(2) of the Corporations Act;
in respect of a number of representations and announcements made to the market about its financial position (the Contraventions).
The Plaintiff contends that as a result of the above Contraventions:
- Shine shares traded on the market at an inflated price; and
- Shine shareholders paid that inflated price to acquire shares, and thereby suffered loss and damage.
WHAT IS A COMMON FUND ORDER?
A common fund order is a Court order that all Group Members entitled to compensation in a class action pay a portion of any compensation they may be entitled receive if the class action results in a successful settlement or judgment as consideration for the funder, in this case Regency providing funding to run the class action. If you would like a copy of the Plaintiff’s Common Fund Application and proposed Funding Terms, please call Quinn Emanuel on (02) 9146 3548, or email firstname.lastname@example.org.
WHO IS THE FUNDER?
Regency Funding Pty. Ltd CAN 619 0012 421 is the litigation funder. Pursuant to Regency’s funding agreement the Plaintiff and funded group members, the funder is paying Quinn Emanuel’s legal costs and disbursements. Regency has also agreed to assume any financial risk that could arise in the event the class action is not successful- meaning, you will not be liable for any adverse costs.
WHO ARE THE LAWYERS?
Quinn Emanuel is a global litigation law firm with offices in over nine countries, which has won over $60 billion for plaintiffs. Further information can be found at https://www.quinnemanuel.com/the-firm/about-us/