Reliance By Shareholder Investors On Misrepresentations In Financial Statements

    View Authors October 2015
    On 3 September 2015, the Full Federal Court published its reasons for judgment in allowing an appeal in a securities class action, Caason Investments Pty Ltd & Anor v Simon Cao & Others NSD 269 of 2015 (“Caason”). The appeal enables the applicants to plead market-based causation for claims for misstatements and omissions in an IPO and short form prospectus, as well as for misleading and deceptive conduct claims in respect of various audited financial statements issued by the company Arasor International Limited.