Adcock Private Equity v Porges [2018] NSWSC 1363

Supreme Court New South Wales

Medium Neutral Citation: Adcock Private Equity v Porges [2018] NSWSC 1363 Hearing dates: 7/08/2018, 8/08/2018, 9/08/2018 Date of orders: 05 September 2018 Decision date: 05 September 2018 Jurisdiction: Equity - Commercial List Before: McDougall J Decision: Judgment for the plaintiff against the first defendant in the sum of $941,703.38 together with interest. Reserve the question of costs. Catchwords: COMMERCE – misleading or deceptive conduct – where first defendant encouraged plaintiff to purchase shares in a start-up called "SecureOne" – where SecureOne was involved in potentially ruinous litigation – where first defendant had fallen out with the management of SecureOne – misleading or deceptive to portray the potential profitability and viability of SecureOne without disclosing those matters.

COMMERCE – misleading or deceptive conduct – causation – ability to infer reliance and causation in appropriate cases – objectively viewed, plaintiff would not have made investment in SecureOne had the true position been disclosed – plaintiff entitled to judgment. Cases Cited: Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) [2018] FCA 751 Hanave Pty Limited v LFOT Pty Limited [1999] FCA 357 Jones v Dunkel (1959) 101 CLR 298 Redmond Family Holdings v GC Access Pty Ltd [2016] NSWSC 796 Skinner v Redmond Family Holdings [2017] NSWCA 329 Category: Principal judgment Parties: Adcock Private Equity Pty Ltd (Plaintiff) Stephen Robert Porges (First Defendant) Serena Catherine Porges (Second Defendant) Representation: Counsel: P Crutchfield QC / C McMeniman (Plaintiff) K C Morgan SC / A R Jordan (First and Second Defendants)