Murray Goulburn says it will vigorously defend a class action that alleges it misled investors before its ASX float last year.
According to the claim, which was served to the company this morning, Murray Goulburn and its directors knew they did not have reasonable grounds for making representations in the Public Disclosure Statement (PDS) they issued ahead of last year's $500 million capital raising.
The group proceeding on behalf of those who purchased units ahead of the float was filed in the Supreme Court of Victoria against Murray Goulburn Co-operative (MG) and MG Responsible Entity Limited, and a number of current and former directors.
The statement of claim alleges contraventions of the Corporations Act through allegedly misleading or deceptive statements made in MGs PDS and in subsequent market announcements.
“The companies strongly deny there is a proper basis for this claim, and will vigorously defend the proceedings,” MG said in a statement.
