Phi Finney McDonald acts for Raffaele Webb, the Representative Applicant, on behalf of Group Members in the class action commenced in the Federal Court of Australia against ASX-listed GetSwift Limited (ASX:GSW) (GetSwift) and its managing director Joel Macdonald. The claim is on behalf of investors who acquired GetSwift securities between 24 February 2017 to 19 January 2018 (inclusive) (claim period) including via the company’s capital raisings in June and December 2017 or by acquiring shares on the ASX during the claim period (Group Members).
The class action is funded by Therium Litigation Finance A IC.
VOLUNTARY LIQUIDATION OF THE COMPANY
On 29 July 2022, GetSwift entered into voluntary liquidation.
Prior to the voluntary liquidation, a conditional settlement agreement had been reached in the class action against GetSwift and Mr Macdonald (Respondents) in the Federal Court of Australia Proceeding NSD580 of 2018.
The settlement agreement was entered into on 13 July 2021 between Mr Webb, GetSwift, Mr Macdonald and GetSwift’s parent company, GetSwift Technologies Limited (GTL), without any admission of liability by the Respondents. A comprehensive deed of settlement was executed on 19 August 2021.
More information about the details of the proposed settlement, including the proposed settlement structure, is available in the November 2021 Notice to Group Members.
In 2020, GetSwift ceased trading on the Australian Securities Exchange following shareholder and Federal Court approval of a restructure under which GTL acquired all GetSwift shares. GTL is listed on the Canadian NEO stock exchange.
The settlement agreement is conditional upon approval of the settlement terms by the Federal Court (as required in accordance with section 33V of the Federal Court Act 1976 (Cth)).
The hearing regarding approval of the settlement that was originally listed for 28 February 2022 was deferred, and at this stage, a new date has not been fixed.
Once any further court dates are set, we will update our website here.
Registration to participate in the Proposed Settlement closed on 4 February 2022.
On 19 November 2021, the Court ordered that Group Members who previously registered to participate in the GetSwift Class Action during the Court ordered registration process on or before 22 November 2019 be deemed registered Group Members for the purposes of the Proposed Settlement.
Any Group Members who did not register their claims during the Court ordered registration process on or before 22 November, must have registered by 4 February 2022 in order to participate in the Proposed Settlement.
More information can be found in the November 2021 Notice to Group Members, linked below.
- On 23 May 2018, the Court gave Phi Finney McDonald sole carriage of the class action, and permanently stayed two competing proceedings that had also been issued against GetSwift.
- On 7 February 2019, the Court ordered that Group Members who wished to opt out of the proceeding were required to do so by 28 March 2019 – see the February 2019 Notice to Group Members, linked below, for further details.
- On 1 October 2019, the Court ordered that Group Members who wished to potentially benefit from any settlement reached at a mediation held in early 2020 were required to register their claims by 22 November 2019. This process is described as “class closure” – see the October 2019 Notice to Group Members, linked below, for further details.
- The case did not settle at the mediation held in early 2020. The “class closure” period described in the October 2019 Notice therefore expired, and the proceeding was once again an open class action brought on behalf of all Group Members that have not opted out – see the May 2020 Notice to Group Members, linked below, for further details.
- The case was listed to commence trial on 20 September 2021, however given the Proposed Settlement, the trial date was vacated.
- On 19 November 2021, the Court ordered that Group Members who wished to benefit from the Proposed Settlement must register their claims by 4 February 2022 (if they did not previously register during the Court ordered registration on or before 22 November 2019) – see the November 2021 Notice to Group Members, linked below, for further details.
- On 29 July 2022, GetSwift entered into voluntary liquidation.
NOTICES TO GROUP MEMBERS
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