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Sims Metal Class Action

William Roberts Lawyers and ICP are bringing claims for compensation, on behalf of persons who purchased shares in Sims Metal Management Limited (SGM) in the period from 21 August 2015 to 19 February 2016.

The current class action

A class action is being pursued on behalf of persons who purchased shares in SGM in the period from 21 August 2015 to 19 February 2016. Compensation is claimed from SGM arising from allegations of contravening conduct by SGM, being:

a) misleading or deceptive conduct contrary to s 1041H of the Corporations Act 2001 (Cth) and cognate provisions; and

b) breaches of obligations under ASX Listing Rule 3.1 and s 674 of the Corporations Act.

It is contended that the guidance provided by SGM on 21 August 2015 (confirmed on 9 September 2015) did not have a reasonable basis and could not be reasonably maintained throughout 21 August 2015 to 12 November 2015.  It will be further maintained that the updated guidance provided by SGM on 12 November 2015, and its unchanged FY18 guidance, did not have a reasonable basis and could not be reasonably maintained throughout 12 November 2015 to 19 February 2016.

How to register for the Sims Metal Class Action

You can register via ICP’s web site: https://www.icp.net.au/register-sims/Registration is free and without obligation.