Bellamy’s sued by Maurice Blackburn in second class action

Company News

by David Chau

Embattled infant formula company, Bellamy's Australia (ASX:BAL) has been hit with a second class action in the Federal Court of Australia.

Plaintiff law firm, Maurice Blackburn, has served a statement of claim against Bellamy’s, on behalf of shareholders who acquired Bellamy’s shares between 14 April and 9 December 2016.

In this second class action, it’s alleged that Bellamy’s breached the Corporations Act 2001 (Cth) in relation to misleading or deceptive conduct and continuous disclosure obligations.

The company says it will vigorously defend these proceedings – in addition, to the first class action brought against it by Slater & Gordon Lawyers.

Yesterday, Bellamy’s shares closed 3.9% lower at $3.94 – which is a far lower than its share price one year ago ($10.62).

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?