Energy

Phoslock Environmental Technologies (ASX:PET) Faces Federal Court Proceedings

ClubAI 12:27 pm

Legal Proceedings Overview

Phoslock Environmental Technologies (ASX:PET) has been named as a respondent in a group proceeding filed in the Federal Court of Australia. The proceedings involve claims from the Banton Group, representing individuals who purchased Phoslock shares during the period between 11 October 2018 and 17 September 2020. The proceedings also include those with long exposure to shares via equity swap confirmations during this timeframe.

Phoslock Environmental Technologies, along with its former Chairman Laurence Stephen Freedman AM, former Managing Director Robert Paul Schuitema, and former auditor KPMG, has denied any liability and plans to vigorously defend against the allegations.

Preliminary Discovery Proceedings

Additionally, Phoslock has been named as the First Prospective Respondent in separate Preliminary Discovery Proceedings filed by Levitt Robinson. The proceedings indicate potential overlap with claims from the group proceedings, heightening the complexity of the legal situation.

This announcement has received approval from the Chairman, Fred Bart.

View Original Accouncement

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Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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