On 1 December 2016, William Roberts Lawyers instituted an investor class action in the Federal Court of Australia against Ashley Services Group Limited (ACN: 094 747 510) (“Ashley”), on behalf of current and former shareholders backed by litigation funder, IMF Bentham Limited.
Ashley is an ASX listed provider of vocational training services. Ashley listed on the ASX on 21 August 2014, after raising $98.7m in an initial public offering of 59.5m shares at $1.66 per share (IPO). Simultaneously, with funds raised in the IPO, Ashley acquired the registered training organisation ‘Integracom’ which provides vocational training to trainee apprentices in the telecommunications sector.
The claim alleges misleading or deceptive conduct and misstatements made in Ashley’s prospectus issued on 7 August 2014, concerning Ashley’s expected profitability in breach of the Corporations Act 2001 (Cth), Australian Securities and Investment Commission Act 2001 (Cth) and the Australian Consumer Law.
It is alleged that as a result of the contraventions, Ashley investors who purchased shares under the prospectus suffered loss and damage.
The proceeding is next listed for an administrative case management hearing before the Federal Court on 8 August 2017.
The case is managed by a team at William Roberts led by principal, Bill Petrovski.