Supreme Court says false Feltex IPO forecast warrants second trial

Tue, 14 Aug 2018

By Paul McBeth Aug. 15 (BusinessDesk) - The Supreme Court has cleared the way for former Feltex shareholders to pursue the directors of the failed carpet maker over whether a false forecast in the prospectus left them out of pocket. Chief Justice Sian Elias and Justices Susan Glazebrook, Mark O'Regan, Terrence Arnold and Stephen Kos today ruled the 2004 Feltex prospectus contained an untrue statement over forecasts for that year and was enough to warrant the second stage of a trial as to whether that caused loss to investors. The decisio...

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