Asia
Brambles Says Court Returned Mixed Verdict in Class Action Over Guidance Disclosures
Brambles (ASX:BXB) said Australia's Federal Court on April 10 dismissed several claims and upheld others in a class action filed by certain shareholders who alleged the company made misleading guidance disclosures to the market between August 2016 and February 2017, according to a Monday filing with the Australian bourse.The court dismissed all claims related to medium-term targets for fiscal 2019, and also dismissed several claims related to Brambles' fiscal 2017 guidance, per the filing.However, in relation to the fiscal 2017 guidance, the court upheld claims related to underlying profit growth forecasts made between Nov. 16, 2016, and Dec. 21, 2016, as well as the claims related to underlying profit growth and sales revenue growth targets issued between Dec. 21, 2016, and Jan. 23, 2017.Brambles, which has insurance arrangements in place, is reviewing the decision and evaluating its options. The company said the amount of potential damages is currently uncertain.Shares of Brambles were down 1% in recent Monday trading.
ASX:BXB