Australia’s Woolworths to spend $34 million to settle lawsuit above 2015 income skip

(Reuters) – Woolworths Group agreed to shell out A$44.5 million ($34 million) to settle a…

(Reuters) – Woolworths Group agreed to shell out A$44.5 million ($34 million) to settle a course motion lawsuit about a drop in its share selling price in 2015 following a reduce in its gain guidance, Australia’s top grocer claimed on Friday.



a group of people standing in front of a store: People walk past a Woolworths supermarket in Sydney


© Reuters/Loren Elliott
Men and women stroll previous a Woolworths grocery store in Sydney

The settlement with the law business Maurice Blackburn, which submitted the course action on behalf of investors in 2018, is without having an admission of guilt, Woolworths explained.

The lawsuit refers https://www.reuters.com/posting/woolworths-grp-lawsuit-idUSL3N1VX07M to the very first 50 % of 2015, when Woolworths’ investors experienced been expecting gain to be on monitor for an once-a-year rise, but it fell for the half and the enterprise amended its steerage without having delivering a particular outlook.

Maurice Blackburn did not quickly reply to Reuters ask for for remark.

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The law company experienced opened the class motion to buyers in Woolworths among August 2014 and May perhaps 2015.

The Australian supermarket chain mentioned the settlement amount of money will not have a economic impact.

($1 = 1.3082 Australian dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru Modifying by Jacqueline Wong and Stephen Coates)