The Full Court of the Federal Court of Australia
(FCAFC) allowed an appeal from Australia's
second shareholder class action, Crowley v Worley
Limited [2022] FCAFC 33, and remitted the case back to a
single judge for determination, which may give rise to the first
order for damages in a shareholder's class action in
Australia.
The decision is a noteworthy authority for misleading and
deceptive conduct by future representations and contraventions of
the continuous disclosure regime in the Corporations Act
2001 (Cth).
Background
Worley Limited (Worley) is an ASX listed
engineering company.
Worley published an earnings guidance statement
(Earnings Guidance). The Earnings Guidance stated
that Worley expected increased earnings (NPAT) in the financial
year (FY) 2014 of $322M.
