Phi Finney McDonald acts for its clients in consolidated class action proceedings commenced in the Supreme Court of New South Wales against ASX-listed Lendlease Corporation Limited (Lendlease). The class action represents all persons who acquired shares in Lendlease between 17 October 2017 and 8 November 2018, including:
- Lendlease stapled securities purchased on the Australian Securities Exchange (LLC.AX); and
- Lendlease American Depositary Receipts (LLESY.PK).
Therium Litigation Finance (Therium) is funding Phi Finney McDonald’s clients in the class action. For more information and to register your interest for the class action, please contact us.
Lendlease is a global construction, property development and investment management company. Its engineering and services business, part of the construction segment, is responsible for the execution of several large Australian infrastructure contracts. On 9 November 2018, Lendlease announced to the market that it had identified significant underperformance in its engineering division relating to a number of projects. This shocking underperformance required a previously unannounced provision of $350m. Lendlease blamed lower productivity in post-tunnelling phases of the NorthConnex tunnel project (a tollway under construction in Sydney, Australia), as well as unforeseen remedial work and bad weather on the Gateway Upgrade North and Kingsford Smith Drive projects, for the underperformance. On receiving this news, there was a substantial market reaction which wiped $4.73 (approximately 27%) off the value of Lendlease shares over the following three trading days. Top tier market analysts expressed “surprise” and “disappointment” at the scope of the construction segment’s underperformance and the consequent impairment.
If you would like to register, or find out more from Phi Finney McDonald about the class action, please contact us at firstname.lastname@example.org.