EML Payments Group Proceeding (Class Action)

Group proceeding brought on behalf of those who acquired an interest in ordinary shares of the defendant (EML Payments) between 19 December 2020 and 18 May 2021 (inclusive) and who suffered loss or damage by reason of the defendant’s conduct. The conduct alleged comprises representations to the market in respect of EML Payments’ acquisition of Prepaid Financial Services (Ireland) Limited (PFS) in March 2021. On 19 May 2021, EML Payments announced that PFS was under investigation by the Irish financial regulatory authorities in respect of its compliance with anti-money laundering and counter-terrorism financing (AML/CTF) obligations, causing a significant decline in EML Payments’ share price.

The claim alleges EML Payments made representations that it exceeded expected compliance with corporate governance and risk management standards and principles, which were shown to be false given the regulatory risk posed by its acquisition of PFS. The claim further alleges that EML knew or ought to have known its representations as to its own regulatory compliance were false, and that the Irish authorities were investigating PFS, but that it did not disclose the true position on either point to the market, in breach of its continuous disclosure obligations.

IMPORTANT INFORMATION ABOUT REGISTRATION AND OPTING OUT

If you are, or you think that you may be a group member, you should read the documents below carefully. 

The Notice (a copy of which is below) contains important information about your rights to: 

(1) register your claim in the proceeding; or 
(2) opt out of the proceeding.

In summary, if you fall within the definition of a group member, you have three options:

• If you want to be eligible to receive compensation from any settlement that may be reached before the first day of trial, you must register your claim in accordance with the Notice by 4:00pm (AEDT) on 24 February 2025.
  To register, you must either:
  • complete the online registration form with Shine Lawyers; or
  • complete the registration form found at Annexure A of the Notice and submit by email or post to the address for Shine Lawyers stated on the form.
    For further information on how to register, please refer to Option 1 on page 4 of the Notice below.
     
• If you do not want your rights determined by the class action you must opt out by 4:00pm (AEDT) on 24 February 2025.
  To opt out, you must either:
  • complete the online opt out notice; or
  • complete the opt out notice found at Annexure B of the Notice and return via email or post to the address on the notice for the Registry of the Supreme Court of Victoria. 
    For further information about opting out, please refer to Option 3 on page 4 of the Notice below.

• If you do nothing in response to the Notice you will remain a group member and remain bound by any order, judgment or settlement in the EML Class Action but, subject to any further order of the Court, you will not be entitled to share in any settlement money that may be achieved before the first day of trial. For further information about this option please refer to Option 2 on page 4 of the Notice below. 

The definition of a "group member" is set out in the Notice.

Notice to Group Members - Registration and Opt Out
Orders of Nichols J (5 December 2024) - Registration and Opt Out