ASX Shares Woolworths shareholder class action (WOW)

Discussion in 'Shares & Funds' started by Onyx_OCAU, 4th Mar, 2021.

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  1. Onyx_OCAU

    Onyx_OCAU Well-Known Member

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    So I got a letter from Maurice Blackburn & co. regarding a class action settlement deal with WOW stockholders during a certain period in time. My initial skeptic self thought it was a scam at first; but I looked into it and it seems it's legit. I bought (and sold) about 5 years ago, within the timeframe that the class action is applicable. So I've registered my details and am expecting some sort of payout for being deceived by the company (?!) about its share price or performance being a shareholder at the time...

    I recall getting like $2 or so from a Paypal class action suit about 2 decades back. I'm wondering if this the case here...
     
  2. jaybean

    jaybean Well-Known Member

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    Hum, I've held for about 8-9 years and only just sold recently. I haven't received any letters.
     
  3. Onyx_OCAU

    Onyx_OCAU Well-Known Member

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  4. gman65

    gman65 Well-Known Member

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    Hell yeah.. this is so great for the ambulance chasers.. not so much for everybody else.
     
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  5. Simon Hampel

    Simon Hampel Founder Staff Member

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    It is only for people who purchased shares between the specified dates:

    Registration is open to persons who purchased Woolworths shares between 29 August 2014 and 5 May 2015 (inclusive) (and who did not 'opt out' of the class action before the opt out deadline of 13 December 2019)​

    If you already held shares before that time, you're not affected by this.
     
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  6. marty998

    marty998 Well-Known Member

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    Madness. A law firm sues a Company on behalf of the shareholders who own that Company.

    “That’s right Your Honour. We are taking action against ourselves!”

    The only winners here are the lawyers.
     
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  7. Onyx_OCAU

    Onyx_OCAU Well-Known Member

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    Nah it was a super fund that initially started the class action. So a sub-class of owners suing the company for releasing supposedly misleading profit guidance. As if anyone could firmly predict the future.

    But yeah it's an ambulance chasing cash grab by the lawyers. They're getting 1/3 of the settlement - so an eight figure sum for handling paperwork.