Slater and Gordon has filed a class action against Freedom Foods Group Limited, and their auditors Deloitte, after shareholders suffered losses following the company’s recent ASX announcements relating to material write downs in asset valuations, and restatements of prior year financial results.
The class action, which was filed in the Victorian Supreme Court, is brought on behalf of shareholders who acquired securities in Freedom Foods Group between 7 December 2014 and 24 June 2020.
Slater and Gordon Practice Group Leader Emma Pelka-Caven said “The class action alleges that Freedom Foods contravened its continuous disclosure obligations by failing to keep the market informed of price-sensitive information relevant to its FY20 and historic financial performance, and further that it made statements to the market which were misleading or deceptive.”
The class action also alleges that auditor Deloitte engaged in misleading or deceptive conduct in making statements regarding the financial accounts of Freedom Foods throughout the claim period.
Investors who purchased shares between 7 December 2014 to 24 June 2020 should register for the class action at www.slatergordon.com.au/freedom-foods
The class action has been commenced on a No Win-No Fee basis and group members will not be exposed to any out of pocket costs as a result of their participation in the claim. Slater and Gordon intends to apply, at the appropriate time, for a group costs order.
