Slater & Gordon has filed a representative proceeding against the GPT Group in the Federal Court of Australia.
The claim has been brought on behalf of investors who acquired GPT securities between 27 February 2008 and 6 July 2008, and as of 8 December 2011 had entered into a funding agreement with Comprehensive Legal Funding LLC.
The claim alleges that GPT engaged in misleading or deceptive conduct and breached its continuous disclosure obligations in relation to and following the release of its 2007 full year Statutory Accounts.
On 7 July 2008, GPT released a statement to the Australian Securities Exchange, which dramatically downgraded its forecast earnings for the 2008 calendar year by 27 per cent, and its distribution per security by 30 per cent.
The claim alleges that GPT Group did not have a reasonable basis for the distribution of guidance or the earnings guidance, and that it failed to disclose key assumptions underpinning the forecasts.
"Representative proceedings have been commenced against GPT following a failed attempt to resolve the matter at mediation," Slater & Gordon practice group leader Ben Phi said.
"They've had a mediation period and it's failed so now we have actually filed the documents with the court saying 'it's on', so what happens now is it will proceed towards a trial," a spokesperson told InvestorDaily.
The spokesperson said that the claim is listed for court on 7 February.
