Noumi (Freedom Foods) Group Proceeding (Class Action)

Consolidated group proceeding brought on behalf of those persons who, at any time during the period from 7 December 2014 to the halt in trading in Freedom Foods shares on 24 June 2020, acquired an interest in fully paid up ordinary shares in the first defendant (Noumi, formerly known as Freedom Foods), and suffered loss or damage as a result of the defendants’ alleged conduct.

The alleged conduct is the making, over the claim period, of various financial representations to the ASX (including as to the value of Noumi’s assets, stock inventory balances, trade receivables and doubtful debts, revenue, trade and other payables, goodwill and employee share scheme) which were inaccurate, and therefore constituted misleading or deceptive conduct and breaches of Noumi’s continuous disclosure obligations.

The second defendant (Deloitte) over the claim period audited Noumi’s accounts and declared in formal statements their accuracy and compliance with accounting standards. The claim alleges this separately constitutes misleading or deceptive conduct. The plaintiffs and group members claim loss sustained by purchasing shares in Noumi which were inflated in value due to the alleged conduct.

This proceeding is a consolidation of two prior proceedings, being S ECI 2020 04505 Nicholas Gehrke v Freedom Foods Group Limited & Anor and S ECI 2021 00431 Lester Buch v Freedom Foods Group Limited & Anor. These proceedings were consolidated by order of the Honourable Justice Nichols on 18 November 2021.

Please see the below notice to group members regarding amendments to the Funding Scheme in this proceeding. The updated Funding Information Summary Statement can be viewed further down this page.