Group proceeding brought on behalf of those persons who purchased shares in the defendant (Mayne Pharma) in the period 24 November 2014 to 15 December 2016.
The claim alleges that Mayne breached its continuous disclosure obligations and engaged in misleading and deceptive conduct in relation to information it failed to provide to investors about an alleged price-fixing and market-share arrangement in the United States with executives of Heritage Pharmaceuticals, Inc, an American competitor to Mayne Pharma, which was the subject of a subpoena from the US Department of Justice, and later a subpoena and civil proceedings commenced by the Attorney General for the State of Connecticut.
The claim alleges that Mayne’s share price was inflated by its disclosure failures, and that shareholders suffered loss and damage as a result.
The deadlines for opting out and objecting to the proposed settlement have now passed. Please see important information below regarding the proposed settlement.
The Court will have a hearing at 10:30am AEDT on 8 November 2024 to determine whether to approve the proposed settlement.
On 22 August 2024, the Court approved a Notice of Proposed Settlement to be sent to group members. Group members should read the notice carefully as the matters set out in the notice may affect their legal rights.
The Notice requires that any group member who wishes to object to the proposed settlement must complete the Notice of Objection and send it to the Supreme Court (at the email address shown on the form) by 4:00pm (AEDT) on Friday, 11 October 2024.
The Court will have a hearing at 10:30am AEDT on 8 November 2024 to determine whether to approve the proposed settlement.
Please note the deadline for opting out has now passed.
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 interest in the proceeding or (2) opt out of the proceeding.
In summary, if you fall within the definition of a group member:
• You must register your interest in accordance with the Notice by Wednesday, 4.00pm (AEST) on 28 June 2023 if you wish to obtain compensation by participating in any settlement reached between the plaintiff and defendant at the Court Ordered Mediation (or within 3 months after the first day of that mediation).
• You will remain a group member unless you take steps to opt out by Wednesday, 4.00pm (AEST) on 28 June 2023.
The definition of a “group member” is set out in the Notice.
Mayne Pharma's Amended Defence filed on 17 May 2024 in the Mayne Pharma Group Proceeding (Class Action)
Amended Statement of Claim filed on 26 April 2024 in the Mayne Pharma Group Proceeding (Class Action)
Funding Information Summary Statement filed on 21 August 2020 in the Mayne Pharma Group Proceeding (Class Action)
Group Proceeding Summary Statement filed on 21 August 2020 in the Mayne Pharma Group Proceeding (Class Action)