Origin Energy Group Proceeding (Class Action)

This is a group proceeding (class action) brought on behalf of investors who acquired an interest in Origin Energy Ltd shares or equity swaps between 20 October 2021 and 31 May 2022.

During FY22, Origin made statements to investors and potential investors as to the future expected financial performance of the company’s Energy Markets business for FY22 and FY23. On 1 June 2022, Origin revised that information, downgrading its FY22 earnings guidance from $450M-$600M to $310-$460M and withdrew its FY23 Energy Markets Guidance. Origin’s share price subsequently declined approximately 14% by close of trade.  

The class action alleges that Origin breached various statutory provisions by making misleading or deceptive representations and failed to comply with its continuous disclosure obligations as an ASX-listed company in relation to the information it provided and/or failed to provide to investors about its expected future earnings. Origin disputes these claims. 

The claim alleges that Origin’s share price was inflated by its disclosures and that as a result, group members suffered loss and damage. Alternatively, the class action alleges that some group members would not have purchased shares in Origin had the alleged wrongdoing not occurred.