Fletcher lacked reasonable grounds for forecasts: class action

Fletcher lacked reasonable grounds for forecasts: class action
Former CEO Mark Adamson was sacked in July 2017. (Image: NZME/Nick Reed)
Jenny Ruth
The class action against Fletcher Building relating to its losses on high-rise building projects is based on claims that the company didn’t have reasonable grounds for its forecasts.Relying in part on the evidence from an earlier court case in which a subcontractor sued Fletcher, the statement of claim alleges Fletcher engaged in conduct “that is misleading or deceptive or is likely to mislead or deceive”.“Fletcher knew or ought reasonably to have known” that it was making statements that were false or materially m...

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