Federal Court of Australia
Federal Court of Australia
Zonia Holdings Pty Ltd v Commonwealth Bank of Australia Limited (No 5) [2024] FCA 477 File numbers: VID 1085 of 2017 NSD 1158 of 2018
Judgment of: YATES J
Date of judgment: 10 May 2024
Catchwords: CORPORATIONS – representative proceeding – listed securities – continuous disclosure obligations – ASX Listing Rules – whether respondent "aware" of certain pleaded information – whether the content of the information as pleaded conforms to the requirements for disclosure under the ASX Listing Rules – whether the information as pleaded, and if generally available, would have a material effect on the price of the securities COMPETITION AND CONSUMER LAW – misleading or deceptive conduct – whether certain representations were made CORPORATIONS – disclosure to investors about securities – pro-rata renounceable entitlement offer of new shares to existing shareholders – cleansing notice – whether cleaning notice defective – whether cleansing notice required correction DAMAGES – causation and loss – market-based causation – alleged loss in the form of artificial share price inflation – whether causation and loss established on the basis of an event study DAMAGES – assessment – sufficiency of evidence
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