Shine Corporate Class Action
Shareholders who purchased shares in SHINE between 27 August 2014 to 29 January 2016 should register for the Shine Class Action by completing the class action Registration Form
What is the Shine Corporate 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 (the Defendant or Shine).
The class action was filed on behalf of Shine shareholders for financial losses sustained as a result of the Defendant’s alleged contraventions and misconduct between 27 August 2014 and 29 January 2016 (the Relevant Period).
If you purchased shares in Shine during the Relevant Period, you may be a Group Member in the Shine Corporate Class Action.
Next Steps in Claim:
Option 1 – Register your interest with Quinn Emanuel to participate in a Settlement
Group Members are entitled to REGISTER THEIR INTEREST in the Shine Corporate Class Action by 4pm (AEST) on 29 January 2019. There is no cost to Group Members to register, and by doing so, you may be entitled to compensation if a settlement is reached between the parties at mediation, to be held on 21 February 2019 (Mediation).
The deadline to REGISTER is 4pm (AEST) 29 JANUARY 2019.
YOU MUST COMPLETE THE REGISTRATION FORM AT SCHEDULE A OF THE FULL NOTICE BY 29 JANUARY 2019 TO BE ENTITLED TO ANY SETTLEMENT REACHED AT MEDIATION.
Option 2 – Opt Out Process
If you no longer wish to be a Group Member of the class action, you must OPT OUT of the Shine Corporate Class Action by 4pm (AEST) 29 January 2019 . If you do opt-out, you will not be entitled to receive any compensation arising out of any settlement reached at Mediation in the Shine Corporate Class Action, you will however be entitled to pursue your rights separately against the Defendant, should you wish to do so . The deadline to OPT OUT is 4pm (AEST) 29 JANUARY 2019
The Plaintiff’s Common Fund Application
The Plaintiff has applied to the Court for a common fund order. Group Members of the Shine Corporate Class Action must decide whether to support, oppose or otherwise be heard by the Court in respect of the application.
A common fund order is a Court order that all group members 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 providing funding 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 – in this case Mr Dodd) on behalf of a class of people (Group Members – this may include you) against another person (the Defendant – in this case Shine Corporate) 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 is the Shine Class Action?
A class action has been commenced in the Supreme Court of Queensland by Mr Allen Dodd, as trustee for the Dodd Superannuation Fund, against Shine Corporate Limited (the “Defendant” or “Shine”). The Shine Corporate Class Action was filed on behalf of all persons who purchased shares in Shine between 27 August 2014 and 29 January 2016 (the Relevant Period) and suffered a financial loss as a result of the Defendant’s Contraventions, as alleged below.
Are you an affected Shine shareholder and Group Member?
You are a Group Member of the Shine Class Action if, during the period, 27 August 2014 and 29 January 2016, you
- acquired an interest in ordinary shares in Shine; and
- disposed of some or all of those shares in Shine ; or
- were still holding some or all of those shares in Shine on, or after, 29 January 2016.
If you believe you meet all of the above criteria, you are a Group Member in the Shine Corporate Class Action.
3.2 Everyone who satisfies the criteria is automatically a Group Member. If you are unsure whether or not you are a Group Member of the Shine Corporate Class Action, you should contact Quinn Emanuel on (02) 9146 3548 or by email, email@example.com, or seek your own legal advice without delay.
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.
The Plaintiff seeks orders that the Defendant be required to compensate Group Members for financial losses suffered as a result of the alleged Contraventions
Who is the class action against?
Shine Corporate Ltd ACN 162 817 905 is the defendant. Shine Lawyers is a subsidiary of the defendant.
How much will it cost me to join this class action?
The class action is being run on a no win – no pay basis, with all costs fully underwritten by Regency, who is funding the litigation. Group Members will not be liable for any upfront, out-of-pocket expenses, unless the Shine Class Action is successfully resolved. In the event the claim is unsuccessful, Regency will pay the other side’s legal costs. The Plaintiff also intends to seek a Common Fund Order in the Shine Class Action.
In the event of a successful outcome, any legal costs payable to either Quinn Emanuel or the Funder will be deducted from, and will not exceed, any award of damages that you are entitled to receive from your claim.
What is a Common Fund Order
A common fund order is a Court order that all Group Members 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/