Award Mouse thought multimedia interface book medal screen monitor

GetSwift Class Action: GetSwift Ltd (ASX:GSW) – Squire Patton Boggs

On 20 February 2018, Squire Patton Boggs announced a representative proceeding had been issued against GetSwift Limited (GSW) and its director Joel MacDonald under Part IVA of the Federal Court of Australia Act 1976 (Cth) on behalf of Dwayne Perera, and all parties who acquired an interest in fully paid GSW shares between 24 February 2017 and 19 February 2018 (GSW Class Action).

The GSW Class Action is being funded by International Litigation Partners No. 18 Pte Ltd.

If you purchased GetSwift shares between 24 February 2017 and 19 January 2018 you can now register your interest to participate in the class action at: or by filling in our online form.

Registration is free and without obligation

Background to the GSW Class Action

During 2017, the GSW share price climbed steeply to an all-time high of AU$4.60, giving it a market capitalisation of more than AU$598 million. This surge coincided with a series of company announcements to the ASX regarding contractual arrangements said to have been reached with key service providers. GSW raised AU$75 million in a placement in December 2017 at AU$4 per share.

On 19 January 2018, the Australian Financial Review (AFR) expressed doubts regarding the veracity of a number of GSW’s announcements made to the market. 

GSW had made announcements relating to clients with whom "exclusive" multi-year contracts were asserted - Fruit Box (27 February 2017 announcement), CBA (4 April 2017 announcement) and Betta Home Living & Fantastic Furniture (23 August 2017). Fruit Box and Fantastic Furniture acknowledged that they had trialled the software, but denied continuing to use it.

GSW assured the market on 28 April 2017 and 31 October 2017 that it would only announce executed contracts when they were "secure, quantifiable and measurable". On 19 February 2018 GSW advised the ASX that only 50% of its enterprise clients were producing revenue. This leaves GSW with serious questions to answer as to why a number of contracts were announced when they had not progressed beyond the trial stage. The announcements relating to Fruitbox and CBA indicated to the market that significant revenue would be generated from those contracts.

Following a trading halt, GSW shares fell steeply since being re-listed on 19 February 2018, closing on 20 February at 0.95c. The market capitalisation is now less than AU$200 million.

The GSW Class Action alleges misleading and deceptive conduct against the company and Joel MacDonald, and breach of GSW’s continuous disclosure obligations under ASX Listing Rule 3.1 and section 674 of the Corporations Act 2001 (Cth). Squire Patton Boggs estimates that the total claim size may exceed $300 million.


Shareholders that purchased GSW shares between 24 February 2017 and 19 January 2018 can now register their interest to participate in the GSW Class Action at:; or by filling out this form.

Amanda Banton is leading the GSW Class Action. Amanda Banton heads the Asia-Pacific Restructuring & Insolvency team at Squire Patton Boggs. More information is available at Amanda Banton’s profile.

Related articles

  1. GSW ASX Announcement: Service of Application to Commence Proceedings (21 Feb 2018)
  2. The Motley Fool: Down 41%: The Getswift Ltd share price continues to crater (21 Feb 2018)
  3. CRN: GetSwift slapped with class action over allegations of misleading investors (21 Feb 2018)
  4. The Australian Financial Review: Class action moves in quickly on GetSwift (20 Feb 2018)
  5. The Sydney Morning Herald: GetSwift and its former AFL playing boss hit with $300 million claim (20 Feb 2018)
  6. The Australian Financial Review: GetSwift flunks deadline, faces class action (2 Feb 2018)