While Vocus May face class action
May face class action: While Vocus’ stock edged a little higher on September 14, 2017, the group has gained some attention with the news that the law firm, Slater and Gordon, has proposed for a class action against it on the allegations relating to Vocus being engaged in ‘misleading and deceptive conduct’ and breached its disclosure obligations with respect to FY17 guidance. It has been particularly alleged that Vocus had no reasonable grounds for its original 2017 guidance of November 2016, which was downgraded in May. VOC had reported net profit after tax (NPAT) which was $152.3 million below the company’s guidance, as stated in its August’s result update. This was reasoned out on the back of integration of M2, Amcom and Nextgen Networks businesses and tougher market conditions. The lack of proper disclosure is said to have led the shares trade at higher prices during the period. Slater in partnership with the funding-service provider, Investor Claim Partner (ICP), has proposed this class action, which is said to be brought on behalf of investors who purchased Vocus shares between November 29, 2016 and May 2, 2017.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.