The Victorian Supreme Court has approved the settlement terms of the consolidated class action brought against Noumi and its former auditor, Deloitte Touche Tohmatsu.
The class action was brought by Slater & Gordon and Phi Finney McDonald on behalf of shareholders in relation to breaches of the Corporations Act that saw the shareprice plummet in 2020.
The terms were agreed to in October 2024, with Noumi to pay $11.56 million of the $43 million total settlement amount, all of which would be met by the company’s insurers. It also agreed to pay certain legal and professional costs associated with resolving its legacy matters. These costs, which amount to approximately $4.6 million to date, will be reported in Noumi’s FY25 financial results.
Noumi was represented in the proceedings by Arnold Bloch Leibler.
Noumi chair, Genevieve Gregor, said, “The court’s approval of the class action settlement marks the closure of the last material legacy issue related to the events that led the company to restate its FY19 and FY20 financial statements in November 2020.
“Moving forward, this allows Noumi’s board and leadership team to be wholly focused on growing the company’s business and enhancing long-term stakeholder value.”
