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.
