TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited

• Jurisdiction: Australia Federal only
• Judge: BEACH J
• Judgment Date: 24 October 2019
• Neutral Citation: [2019] FCA 1747
• Court: Federal Court
• Date: 24 October 2019

FEDERAL COURT OF AUSTRALIA

TPT Patrol Pty Ltd as trustee for Amies Superannuation Fund v Myer Holdings Limited [2019] FCA 1747

File number:	VID 1494 of 2016
Judge:	BEACH J
Date of judgment:	24 October 2019
Catchwords:	CORPORATIONS – representative proceeding – listed securities – continuous disclosure obligations – ASX listing rule 3.1 – failure to disclose material information to market – forecast of net profit after tax – absence of reasonable grounds – failure to correct forecast – concept of “information” under listing rules – concept of “awareness” under listing rules – contravention of s 674 of Corporations Act 2001 (Cth) – misleading or deceptive conduct relating to securities – contravention of s 1041H of Corporations Act – availability of market based or indirect causation theory – loss and damage
Legislation:	Australian Securities and Investments Commission Act 2001 (Cth) s 12GF(1B) Corporations Act 2001 (Cth) ss 180, 674, 676, 729(1), 729(2), 769C, 1041H, 1041I, 1317HA, 1325 Evidence Act 1995 (Cth) ss 63, 64, 69(1) Securities Exchange Act 1934 (US) s 10(b) US Federal Rules of Civil Procedure r 23(b)(3)
Cases cited:	ABN AMRO Bank NV v Bathurst Regional Council (2014) 224 FCR 1 Allianz Australia Insurance Ltd v GSF Australia Pty Ltd (2005) 221 CLR 568 Australian Breeders Co-Operative Society Ltd v Jones (1997) 150 ALR 488 Basic Inc v Levinson 485 US 224 (1988) Caason Investments Pty Ltd v Cao (2015) 236 FCR 322 Cammer v Bloom 711 F Supp 1264 (DNJ 1989) Campbell v Backoffice Investments Pty Ltd (2008) 66 ACSR 359 Chowder Bay Pty Ltd v Paganin [2017] FCA 332 Demagogue Pty Ltd v Ramensky (1992) 39 FCR 31 Digi-Tech (Aust) Ltd v Brand (2004) 62 IPR 184 Dura Pharmaceuticals, Inc. v Broudo 544 US 336 (2005) Earglow Pty Ltd v Newcrest Mining Ltd (2015) 230 FCR 469 Finishing Services Pty Ltd v Lactos Fresh Pty Ltd [2006] FCAFC 177 Ford Motor Company of Australia v Arrowcrest Group Pty Ltd (2003) 134 FCR 522 Forrest v Australian Securities and Investments Commission (2012) 247 CLR 486 Fubilan Catering Services Limited v Compass Group (Australia) Pty Ltd [2007] FCA 1205 Fubilan Catering Services Limited v Compass Group (Australia) Pty Ltd [2008] FCAFC 53 Gardiner v Agricultural and Rural Finance Pty Ltd (2008) Aust Contract R 90-274 Gate Gourmet Australia Pty Ltd (in liq) v Gate Gourmet Holding AG [2004] NSWSC 149 Gould v Vaggelas (1985) 157 CLR 215 Grant-Taylor v Babcock & Brown Ltd (in liq) (2015) 322 ALR 723 Grant-Taylor v Babcock & Brown Ltd (in liq) (2016) 245 FCR 402 Halliburton Co v Erica P John Fund Inc 573 US 258 (2014) Hampic Pty Ltd v Adams [1999] NSWCA 455 Henville v Walker (2001) 206 CLR 459 I & L Securities Pty Ltd v HTW Valuers (Brisbane) Pty Ltd (2002) 210 CLR 109 Ingot Capital Investments Pty Ltd v Macquarie Equity Capital Markets Ltd (2008) 73 NSWLR 653 Janssen-Cilag Pty Ltd v Pfizer Pty Ltd (1992) 37 FCR 526 Kimberley NZI Finance Ltd v Torero Pty Ltd [1989] ATPR (Digest) 46-054 Lehocky v Tidel Tech., Inc. 220 FRD 491 (SD Tex 2004) March v E & MH Stramare Pty Ltd (1991) 171 CLR 506 Masters v Lombe (Liquidator); In the Matter of Babcock & Brown Limited (In Liq) [2019] FCA 1720 McCarthy v McIntyre [1999] FCA 805 Miller & Associates Insurance Broking Pty Ltd v BMW Australia Finance Ltd (2010) 241 CLR 357 Re Faberge Inc 45 SEC 249 (1973) Re HIH Insurance Limited (in liq) (2016) 335 ALR 320 Securities and Exchange Commission v Badian (unreported, No. 06 Civ. 2621(LTS)), 20 June 2012 Securities Exchange Commission v Badian 822 FSupp2d 352 (SDNY 2011) Skiwing Pty Ltd t/as Cafe Tiffany’s v Trust Co of Australia Ltd (Stockland Property Management Ltd) (2009) 255 ALR 339 Smith v Noss [2006] NSWCA 37 Stockland (Constructors) Pty Ltd v Retail Design Group (International) Pty Ltd [2003] NSWCA 84 Travel Compensation Fund v Robert Tambree (2005) 224 CLR 627 Wardley Australia Ltd v Western Australia (1992) 175 CLR 514 ; Beach J, “Class actions: Some causation questions” (2011) 85 ALJ 579-596 Bhagat S and Romano R, “Event Studies and the Law: Part I: Technique and Corporate Litigation” (2002) 4(1) Am L & Econ Rev 141-167 Brown S and Warner J, “Using Daily Stock Returns: The Case of Event Studies” (1985) 14(1) J Financ Econ 3-31 Bruegger E and Dunbar FC “Estimating Financial Fraud Damages with Response Coefficients” (2009) 35(1) J Corp L 11‐69 Crew NI, Goshtigian PG, Moore MA and Sarin A, “Securities Act violations: Estimation of damages”, in Weil R, Wagner M and Frank P (eds), Litigation services handbook: The role of the financial expert (3rd ed, Wiley, 2001) Duffy M, “Causation in Australian Securities Class Actions: Searching for an Efficient but Balanced Approach” (2019) 93 ALJ 833-854 Eckel C, Eckel D and Singal V, “Privatization and efficiency: Industry effects of the sales of British Airways” (1997) 43(2) J Financ Econ 275-298 Ferrell A and Saha A, “Forward-casting 10b-5 damages: A comparison to other methods” (2011-2012) 37(2) J Corp L 365-386 Ferrell A and Saha A, “The Loss Causation Requirement for Rule 10b‐5 Causes‐of‐Action: The Implication of Dura Pharmaceuticals v. Broudo” (2007) 63 The Business Lawyer 163-186 Grave D, Watterson L and Mould H, “Causation, Loss and Damage: Challenges for the New Shareholder Class Action” (2009) 27 C&SLJ 483-505 MacKinlay AC, “Event Studies in Economics and Finance” (1997) 35(1) JEL 13-39 Peterson P, “Event Studies: A review of Issues and Methodology” (1989) 28(3) Q J Bus ECON 36-66 Tabak D, “Implications for Market Efficiency and Damages Analyses of Plaintiff Interpretations of Halliburton II’s Statement that ‘market efficiency is a matter of degree’” (2015) 46(3) Loy U Chi LJ 467-484 Tabak D, “Inflation and damages in a post-Dura world” (NERA Economic Consulting, 25 September 2007) Tabak D and Dunbar F, “Materiality and Magnitude: Event Studies in the Courtroom” (NERA Economic Consulting Working Paper No 34, 1999) Tabak D and Dunbar F, “Materiality and magnitude: Event studies in the courtroom” in Weil R, Wagner M and Frank P (eds), Litigation services handbook: The role of the financial expert (3rd ed, Wiley, 2001) Tabak D and Okongwu C, “Inflation Methodologies in Securities Fraud Cases: Theory and Practice” (NERA Economic Consulting Working Paper, July 2002) Wooldridge JM, Introductory Econometrics: A Modern Approach (5th ed, South-Western Cengage Learning, 2013)
Date of hearing:	8, 9, 13 to 17, 20 to 23 August, 9 and 10 October, 5 and 21 December 2018
Date of last submission:	24 December 2018
Registry:	Victoria
Division:	General Division
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