Quintis

Quintis Class Action

LCM is funding a class action on behalf of shareholders in Quintis Limited (ASX:QIN). The proceedings have been brought in the Federal Court and Piper Alderman are acting for the plaintiffs. The class action alleges that Quintis and its former CEO Mr Wilson engaged in misleading or deceptive conduct in respect of Quintis FY15 and FY16 Financial Reports by overstating: (1) the value of Quintis’ biological asset; (2) its revenue attributable to establishment fees; and (3) its intangible assets by recognising optional annual fees as intangibles (Misleading Conduct). The class action also brings a claim against the former auditors Ernst & Young in relation to this Misleading Conduct.

The class action is open to shareholders who acquired ordinary shares in Quintis in the period between 31 August 2015 and 15 May 2017 and suffered loss as a result of the Misleading Conduct.

ATTENTION: QUINTIS LIMITED SHAREHOLDERS

This is an important communication to shareholders in Quintis Limited who are group members in the Davis Class Action.

The Davis Class Action is being conducted in the Federal Court of Australia by Piper Alderman on behalf of Mr Geoffrey P Davis and Mr Geoffrey W Davis (Davis Applicants) against Quintis Limited, Ernst and Young (EY) and Mr Frank Wilson.

The Davis Applicants have entered into a settlement agreement with Quintis Limited, important details of which are set out in the notice linked below:

SETTLEMENT NOTICE

The settlement relates to Quintis Limited only.  The Davis Applicants’ claims against EY and Mr Frank Wilson are continuing.

Please carefully read the SETTLEMENT NOTICE which contains important information about your legal rights, including your right to object to the settlement if you wish to do so.

The settlement is subject to Court approval, and the Court has listed the matter for a hearing on 7 May 2020 to consider the approval of the settlement.  If you wish to object to the settlement you should take the action set out in the SETTLEMENT NOTICE by no later than 27 April 2020.

If you have any questions about the SETTLEMENT NOTICE or the information contained in it, you may email Piper Alderman, the solicitors for the Applicants in the Davis Class Action, at QINshareholder@piperalderman.com.au or call +61 2 9253 9999 and ask to speak to Jordana Yencken-Nissenbaum.

Sydney

Level 12, The Chifley Tower,
2 Chifley Square
Sydney NSW 2000
T +61 2 8098 1390

Melbourne

Level 30, Collins Place
35 Collins Street,
Melbourne VIC 3000
T +61 2 8098 1390

Brisbane

Level 54,
111 Eagle Street
Brisbane QLD 4000
T +61 7 3012 6478

London

Bridge House
181 Queen Victoria Street
London EC4V 4EG
T +44 203 955 5260

Singapore

Marina Bay Financial Centre
Tower 1, Level 11
8 Marina Boulevard
Singapore 018981
T +65 6653 4192