IOOF CLASS ACTION INVESTIGATION
Quinn Emanuel Urquhart & Sullivan, LLP (Quinn Emanuel) is investigating a claim against IOOF Holdings Limited (ASX:IFL) (IOOF) on behalf of shareholders who acquired shares between 27 May 2015 to 9 August 2018.
Quinn Emanuel’s proposed claim against IOOF arises from, amongst other things, evidence given by IOOF at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The evidence concerned breaches by IOOF’s subsidiaries, and directors and officers, of their obligations as superannuation trustees.
Following these revelations at the Royal Commission, and the announcement of various proceedings against IOOF’s subsidiaries and officers related to those breaches by the Australian Prudential Regulation Authority (APRA), IOOF shares lost over 35% of their value.
The class action is backed by Regency Group.
Quinn Emanuel alleges that during the period 27 May 2015 to 9 August 2018, IOOF contravened its continuous disclosure obligations under the ASX Listing Rules and engaged in misleading or deceptive conduct.
Registration is open to IOOF shareholders who acquired IOOF shares between 27 May 2015 to 9 August 2018 (inclusive). Register your interest here.
In The News
IOOF faces class action over APRA fallout
Australian Financial Review, Mar 17, 2019– Embattled wealth company IOOF is facing a shareholder class action over its alleged failure to inform shareholders about its fallout with the regulator over the alleged breach of superannuation laws. Read more…