The potential class action would allege CTM misled investors in its annual financial reports from 2020 to 2024  in contravention of its continuous disclosure obligations under the Corporations Act.

PwC Australia is alleged to have engaged in misleading or deceptive conduct and making false statements about auditing CTM’s financial reports in accordance with the applicable standards.

A class action would allege this conduct caused CTM shares to trade at an inflated price, resulting in a loss to investors who bought shares during the claim period.

CTM, which provides travel and accommodation services across Australia, New Zealand, UK, Europe, Asia and the US, returned to the Australian securities Exchange (ASX) after more than a year of suspended trading following the release of its 2026 results.

Its shares were suspended from the ASX in August 2025 following revelations of accounting irregularities relating to customer charge rates in its UK operations.

Roop Sandhu, Principal Lawyer, Phi Finney McDonald

“Investors have a right to expect that financial statements from their listed investments are a true and fair reflection of the company’s performance.

They are rightfully concerned about their investments in Corporate Travel due to its long term suspension.

Likewise, investors have a right to assume that an auditor’s standards meet the relevant legislation and regulatory requirements.”