Downer EDI Limited

In an important decision on 27th September, 2023, Justice Delany of the Supreme Court of Victoria has awarded William Roberts Lawyers and Maurice Blackburn carriage of the Downer Class Action Judgement.

The Claim

William Roberts Lawyers has filed a class action in the Federal Court of Australia against Downer EDI Limited (ASX: DOW) to recover compensation for persons who acquired an interest in Downer shares in the period from 1 April 2020 to 27 February 2023 (inclusive) (Relevant Period).

In December 2022 and February 2023, Downer announced that it had from April 2020 failed to correctly account for revenue from a major utilities contract (Accounting Irregularities).

The Accounting Irregularities meant the earnings Downer had reported across FY20, FY21 and FY22 were overstated by up to $40M on a pre-tax basis, and $22.2M on a post-tax basis. As well as requiring Downer’s FY20 – FY22 accounts to be restated, the Accounting Irregularities required Downer to revise its FY23 guidance in December 2022 and again in February 2023.

The class action alleges that during the Relevant Period, the market price of Downer’s shares were higher than their true value because during that time, Downer:

1. misrepresented its true financial position.
2. failed to disclose material information concerning the Accounting Irregularities; and
3. had no reasonable basis for its FY23 earnings guidance announced in August 2022 and December 2022.

The litigation funder CASL is providing funding for the costs of pursuing the class action.

Class Members

Investors who acquired an interest in Downer’s shared during the Relevant Period, 1 April 2020 to 27 February 2023 (inclusive), may be eligible to participate in this class action.

If you believe you may be eligible to participate in this class action you can register your expression of interest via CASL’s website 

Registration is non-binding

Registering your interest does not bind you to any contractual arrangement or create any obligation to participate in this class action.

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