Phi Finney McDonald has filed a class action against Origin Energy Limited in the Supreme Court of Victoria on behalf of investors that acquired shares and equity swaps during the period 20 October 2021 to 31 May 2022 (inclusive) (Claim Period).

Background

During FY22, Origin made statements to investors in Origin as to the future expected financial performance of the company’s Energy Markets business in FY22 and FY23. Specifically, it represented to the market on several occasions that it anticipated that:

  1. in FY22, Energy Markets would post EBITDA of between $450-650m;
  2. in FY23, Energy Markets would post EBITDA of between $600-850m.

On 1 June 2022, Origin downgraded its FY22 earnings guidance to $310-460m and withdrew its FY23 earnings guidance for its Energy Markets business, citing difficulties with its coal supply and volatility in the commodities market. By close of trade, Origin’s share price had declined approximately 14%.

Allegations

The claim alleges that Origin (a) breached its continuous disclosure obligations by failing to disclose material information about its capacity to achieve its publicly issued guidance and (b) misled the market insofar as it lacked reasonable grounds for its Energy Markets forecasts.

The class action alleges that investors who acquired Origin shares during the Claim Period are entitled to compensation for loss and damage as they paid more for those shares than they would have paid as a consequence of Origin’s conduct. The class action also alleges that some group members would not have purchased Origin shares if it had complied with its obligations.

Registration of Interest and Information

Investors that acquired Origin shares and equity swaps between 20 October 2021 to 31 May 2022 (inclusive) are invited to register their interest in the potential claim to receive further advice and information about the class action on a confidential and privileged basis, including:

  1. information in relation to the proposed proceeding; and
  2.  preliminary loss estimate based on the investor’s relevant trading data.

You can request further information about the proceeding at the following link:

REGISTER NOW

You can also obtain further information about the proceeding by emailing originshareholders@phifinneymcdonald.com.