Lendlease face class action after share price collapse

Lendlease face class action after share price collapse
Lendlease face class action after share price collapse

Investors, represented by Maurice Blackburn, are taking class action against construction giant Lendlease over its share tumble last November following a surprise $350 million write-down on its engineering business that includes the major Sydney Road project.

The NorthConnex project is expected to be delivered six months after schedule, due for completion in 2020.

Investors who bought Lendlease shares between February 21 and November 8 can participate in the claim.

The delayed NorthConnex project in Sydney caused its share price plunge caused after revealing it was behind schedule on the multibillion-dollar road development.

Maurice Blackburn will today begin taking registrations for the legal proceedings against the global developer.

The law firm alleges Lendlease broke the Corporations Act by failing to properly inform its shareholders about serious issues in its engineering and services arm and by engaging in misleading and deceptive conduct.

Lendlease saw its shares tumble on the day of the write-down announcement to $14.25 after closing strongly on November 8 at $17.45.

The share fall wiped billions from the company's market capitalisation over a period of five trading days, The Sydney Morning Herald reported.

 

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Lendlease Share Market

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