Andrew Bascand, chairman of the CBL Class Action has confirmed registrations to join the action against the directors and CBL Corporation have been received from investors owning about 60 million shares.
This represents nearly 50% of all eligible shares in CBL at the date of its ceasing to trade in February 2018.
“In addition to the significant named representative shareholders - institutional investor Harbour and Australian based Argo Investments, who collectively represent over 27 million shares, a large number of other eligible shareholders have joined our action to try and get some of their losses back.
“Shareholders who have signed up come from around the globe and are both institutional investors and out of pocket mum and dad shareholders who want the opportunity to recover the money they lost as a result of the company’s collapse.”
“Shareholders who acquired CBL shares in the IPO or subsequently and either sold them at a loss or held them at the time of CBL’s collapse in February 2018 are eligible to join the claim,” Bascand said.
The CBL Class Action is against the directors of CBL and the company itself and seeks compensation for the significant losses suffered by shareholders as a result of the company’s collapse in 2018. The claim is funded by LPF Group.
“We believe legal action is the only way for investors in CBL to get some money back,” Bascand said.
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