• Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
    Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
  • Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
    Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
  • Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
    Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
  • Milklab continues to be a successful business for Noumi.
    Milklab continues to be a successful business for Noumi.
  • Milklab manufacturer Noumi says if it doesn’t achieve performance targets or fails to defend legal action, the company may not be able to pay its debts or be a viable operation. The legacy of its previous form, as Freedom Foods Group, weighs heavy on the Noumi's future.
    Milklab manufacturer Noumi says if it doesn’t achieve performance targets or fails to defend legal action, the company may not be able to pay its debts or be a viable operation. The legacy of its previous form, as Freedom Foods Group, weighs heavy on the Noumi's future.
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Class action launched against Freedom Foods

By Kim Berry | 10 December 2020

Slater & Gordon has filed a class action against Freedom Foods Group and its auditors, Deloitte Touche Tohmatsu in the Victorian Supreme Court.

The action is brought on behalf of shareholders who acquired shares in the company between 7 December 2014 and 24 June 2020, after losses following the company’s recent announcements regarding material write downs in asset valuations and restatements of prior year financial results.

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.

FFG said the proceeding alleges breaches of the Corporations Act 2001 (Cth), Australian Securities and Investments Commission Act and Australian Consumer Law.

FFG has appointed Arnold Block Leibler to defend the proceeding.

 

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