Shareholders are doing it for themselves
The Australian Wheat Board continues to face ongoing scandal and embarrassing revelations at the Cole Commission. However, shareholders are not waiting for the outcome of the inquiries, nor are they waiting for the corporate regulator to take action. They have taken action against the company themselves in the form of a shareholder class action suit. They are alleging that the publicly listed company breached its obligations to continuously disclose any relevant information to the market that could impact on the share price. The legal firm they have turned to is Morris Blackburn Cashman, who launched the first successful class action in Australia’s history, involving an action by GIO’s shareholders against its directors. The Chairman of Morris Blackburn Cashman is Bernard Murphy and he spoke to the Wire.