EXCLUSIVE: Law Firm Looks To Mount Dick Smith Class Action
Bannister Law has called for disgruntled shareholders in Dick Smith to contact them as they look to mount a class action against the Company.
In a statement issued by Bannister Law CEO Charles Bannister claims that he is currently calling on shareholders to contact him with a view to mounting a major claim in the Federal Court against the mass retailer who collapsed with debts of $400 million months after executives were still telling media Companies that “nothing was wrong” at Dick Smith.
Charles Bannister said “Too often it’s the average person in the street who are on the losing end of this kind of corporate deception. Fortunately, now, class actions allow a legal avenue for redress for all Australians.”
Bannister Law claims that the potential class action arises from events that led to an Australian Stock Exchange (ASX) announcement by Dick Smith Holdings (DSH) on 5 January 2015 appointing Ferrier Hodgson Partners as receivers and managers and McGrath Nicol as Voluntary Administrators.
The law firm is currently investigating whether sufficient information was provided in the DSH 2013 prospectus on the basis of the sale of certain assets of the company and non-disclosure of certain sub-holding accounts which may have affected investors’ ability to make an informed decision.
Bannister Law are also investigating disclosure and declarations of Directors and Auditors of the 2015 Annual Report for the company.
ChannelNews understands that the Law firm has also contacted suppliers to Dick Smith.