Leadenhall Pty Ltd v Peptech Ltd [1999] NSWSC 1180

Reported Decision : (1999) 33 ACSR 307

New South Wales Supreme Court CITATION : Leadenhall Pty Ltd v Peptech Ltd [1999] NSWSC 1180 CURRENT JURISDICTION : Equity Division Commercial List FILE NUMBER(S) : 50080/99 HEARING DATE(S) : 21.10.1999, 22.10.1999, 27.10.1999, 28.10.1999, 29.10.1999, 1.11.1999, 2.11.1999 JUDGMENT DATE : 3 December 1999

PARTIES : Leadenhall Australia Ltd & Advent Investors Pty Ltd & Noble Investments Pty Ltd v Peptech Ltd JUDGMENT OF : Hunter J

COUNSEL : Plaintiff: Mr D J Hammerschlag Mr V F Kerr Defendant: Mr J B Simpkins SOLICITORS : Plaintiff: Aleco Vrisakis Defendant: Clayton Utz CATCHWORDS : Misleading conduct - Trade Practices Act 1974 (Cth); s 1005 Corporations Law; s 68 Fair Trading Act 1987; Contract to subscribe for shares and the granting of options in listed corporation; Body of shares in corporation subject to restriction agreements under ch 9 of Listing Rules of Australian Stock Exchange; Existence of shares not known to subscriber of shares; Annual and half yearly reports of corporation omitted references to restricted shares; Wrongly described all of corporation's issued shares as quoted shares; Subscriber misled by conduct of corporation; Whether insider trading; s 1002G(2) Corporations Law; Damages; no causation nexus between misleading conduct and subscriber's losses. Corporations Law ACTS CITED : Trade Practices Act 1974 (Cth) Fair Trading Act 1987 (NSW) Potts v Miller (1940) 64 CLR 282 Henjo Investments Pty Ltd v Collins Marrickville Pty Ltd (1988) 79 ALR 83 Mister Figgins Pty Ltd v Centrepoint Freeholds Pty Ltd (1981) 36 ALR 23 Gould v Vaggelas (1985) 157 CLR 215 Neilsen v Hempston Holdings Pty Ltd (1986) 65 ALR 302 CASES CITED : Trade Practices Commission v Collings (1996) 142 ALR 43 Collings Construction v Australian Competition & Consumer Commission (1998) 43 NSWLR 131 Marks v GIO Aust Holdings (1998) 73 ALJR 12 March v Stramare (E. & M.H) Pty Ltd (1991) 171 CLR 506 Medlin v State Government Insurance Commission (1995) 182 CLR 1 Collins Marrickville Pty Ltd v Henjo Investments Pty Ltd (1987) ATPR 40-822 DECISION : Summons dismissed. Plaintiffs ordered to pay defendant's costs.