Ambergate Limited v CMA Corporation Limited (Administrators Appointed) [2016] FCA 94

FEDERAL COURT OF AUSTRALIA

Ambergate Limited v CMA Corporation Limited (Administrators Appointed) [2016] FCA 94 File number(s): NSD 939 of 2013

Judge(s): BUCHANAN J

Date of judgment: 17 February 2016

Catchwords: TRADE PRACTICES – applicant alleged misleading and deceptive conduct – applicant claimed reliance on public statements for purchases of shares in company – applicant claimed reliance on later public statements to retain shares in company – public statements connected with the issuing of shares is the provision of "financial services": section 52 of Trade Practices Act 1974 (Cth) not applicable – section 12DA of the Australian Securities and Investments Commission Act 2001 (Cth) applied – section 1041H of the Corporations Act 2001 (Cth) applied – public statements made before the share purchases not misleading or deceptive – statements after the purchases of shares misleading and deceptive – applicant did not demonstrate it would have sold shares – applicant did not prove a resulting loss

Legislation: Australian Securities and Investments Commission Act 2001 (Cth), ss 5(3), 12BB, 12BAB, 12DA Competition and Consumer Act 2010 (Cth), Sch 2—Australian Consumer Law, s 236 Corporations Act 2001 (Cth), ss 79, 769C, 1041H Federal Court Rules 2011 (Cth), rr 1.34, 1.40, 8.03(1), 16.02(4) Trade Practices Act 1974 (Cth), ss 4, 51A, 51AF, 52, 75B, 82, 87CB(3), 87CC(1)(b) Civil Liability Act 2002 (NSW), ss 34A, 35 Fair Trading Act 1987 (NSW), ss 41, 42