Phi Finney McDonald acts for the Representative Plaintiff and Group Members in a class action against WiseTech Global Limited (WiseTech) commenced in the Supreme Court of Victoria on behalf of investors who acquired shares in WiseTech between 21 August 2019 and 18 February 2020 (inclusive) (Claim Period).
Background
On 21 August 2019, WTC issued its revenue and earnings guidance for FY20. On 23 October and 19 November 2019, WTC affirmed that guidance.
On 19 February 2020, WTC revised downwards its FY20 guidance. On 19 February 2020, following the release of the revised FY20 guidance, WTC’s share price declined by $8.04 to $21.40 (-27.31%). On 20 February 2020, WTC’s share price further declined by $2.52 to close at $18.80 (-11.78%).
Allegations
The class action alleges that WiseTech breached its continuous disclosure obligations and/or engaged in misleading or deceptive conduct by providing its FY20 guidance on 21 August 2019, and reaffirming that guidance in October and November 2019, without reasonable grounds.
The class action alleges that investors who acquired WiseTech shares during the Claim Period are entitled to compensation for loss and damage as they paid more for those shares than they ought to have paid as a consequence of WiseTech’s conduct. The class action also alleges that some group members would not have purchased WiseTech shares if WiseTech had complied with its obligations.
Class Action Information and Registration of Interest
Current and former investors who acquired an interest in WiseTech shares between 21 August 2019 and 18 February 2020 (inclusive) are invited to register their interest in participating in the class action or request further information by emailing wisetechshareholders@phifinneymcdonald.com.