Gadens is a leading, independent Australian top 10 law firm with over 700 people, including 90 partners. The firm regularly undertakes highly complex and day-to-day legal matters for a wide range of clients. These include major Australian and multi-national organisations – Gadens is advisor to more than a quarter of the Top 200 companies listed on the ASX – as well as small to medium sized businesses.

Well regarded for our specialist, market-leading practices, we work with clients across a number of industry specialisations and sectors. Our significant breadth and depth of expertise encompasses banking and finance, corporate advisory and tax, dispute resolution, employment advisory, government, intellectual property and technology, private clients, property and construction, planning and environment, recovery and insolvency.

Recognised for our ability to handle complex and commercial disputes, class actions, debt recovery and alternate methods of dispute resolution, our team has unrivalled experience in conducting proceedings, negotiations and settlements through court, mediations and arbitrations across a broad range of industries. Combining our practical and commercial outlook with extensive expertise, our team of lawyers deliver proven strategic planning capability and lateral thinking to reach the very best resolution for our clients in even the most difficult of circumstances. We have the technical knowledge and insights to identify the associated risks as well as other strategic, legal and reputational issues that can arise during a class action. Keeping ahead of the legal developments and policy changes, Gadens offers a team that can not only navigate this complex area of law but can also resolve and defend a class action.

A class action is a proceeding issued on behalf of a group of people who have suffered loss as a result of the actions of the same defendant.

Gadens has issued a class action against SurfStitch Group Ltd (ACN 602 288 044) and its former CEO, Justin Cameron, in the New South Wales Supreme Court.

The claim is brought by lead plaintiff T.W. McConnell Pty Ltd, a family trustee company, for and on behalf of shareholders of SurfStitch.

The claim seeks to recover from both defendants as a result of the dramatic downturn in SurfStitch’s share price during 2016 when a series of earnings downgrades were released resulting in a drop in share price from a peak of $2.13 to roughly $0.11.  The claim alleges that the public downgrades came too late and should have been issued in 2015 when it was clear SurfStitch would be unlikely to meet the optimistic forecasts then in place.

The proceeding claims on behalf of two classes of SurfStitch shareholders:

1. those who acquired shares between 23 October 2015 and 9 June 2016 and retained shares on any of 25 February 2016, 3 May 2016 or 9 June 2016; and
2. those who already held shares on 23 October 2015 and retained shares during the above periods relying on the forecasts and statements issued by SurfStitch.

The claim has been carefully crafted to:

1. catch shareholders most hurt by the alleged misconduct;
2. be directed at the conduct and parties most at fault; and
3. ensure the maximum access to remedies potentially available under NSW legislation.

Gadens has partnered with litigation funder, International Litigation Partners Pte Ltd (ILP), to fund the costs of the claim.  ILP will cover all costs of the lead plaintiff and the group members (including any adverse costs order).  Should there be any successful outcome in the action, ILP will recover a proportion of the monies received (which is subject to the orders of the Court).  It is vital that registrants are aware that at no time will registrants bear any costs by registering as a claimant.

Although shareholders are automatically members of the plaintiff classes if they fall within the “group definition” in the proceeding, they are free to contact Gadens with any questions (at vic-surfstitch@gadens.com) or to register their contact details on this website.

Any loss that you may have suffered will depend on (1) when you purchased or sold SurfStitch shares, (2) how many shares you purchased or sold, (3) what reliance (if any) you had on SurfStitch announcements, and other factors.

Please click on the Register button at the top of this page to complete the registration form.

There is no fee to register

We will review the information that has been provided to us by registrants to determine if you are eligible to be a group member in this proceeding.

You do not need to do anything further (provided you are eligible to be a group member). However, Court orders may be made to set the process for opting out formally if a member wishes.

Our clients’ legal costs are entirely funded by the litigation funder, International Litigation Partners Pte. Ltd. Our clients will never be exposed to any costs of the proceeding as the funder covers these costs.

However, the funder will seek to recover these costs and a court approved commission from any settlement or judgement sums recovered.

Recovery will depend on (1) when you purchased or sold SurfStitch shares, (2) how many shares you purchased or sold, (3) what reliance (if any) you had on SurfStitch announcements, (4) whether the claim results in a settlement or judgment, and other factors.

Yes.

You can opt out at any time prior to the opt out deadline which will be set by the Court.

Updates will be provided on the ‘News’ page of this website.

It may also be necessary for us to occasionally send updates to your personal email address or mobile telephone number.

All information provided to Gadens will be handled in accordance with our Privacy Policy. A copy of our Privacy Policy can be viewed by clicking on the following link:

http://www.gadens.com/Pages/privacy-policy.aspx