Jason Mitchenson (led by Mr D Logan KC) appeared for the plaintiffs, instructed by Irish Bentley Lawyers.
The plaintiffs entered into a Share Sale Agreement with the defendants to purchase a 10 per cent shareholding in Rapid Securities for $7 million. They contended that the defendants’ representations as to the present and future value of the shares were misleading or deceptive in contravention of s 18 of the Australian Consumer Law (‘ACL’), as the shares were in fact worthless. The plaintiffs consequently sought to recover their $7 million investment through orders for damages or compensation under ss 236 or 237 of the ACL.
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