icon-facebook icon-instagram icon-pinterest icon-soundcloud icon-twitter icon-youtube

Two group proceedings brought on behalf of certain persons who purchased shares in the defendant (Beach Energy). The lead plaintiffs are Edward John Nelson and Gail Christine Nelson (S ECI 2021 04440, the Nelson Proceeding) and Mark Richard Sanders (S ECI 2022 00256, the Sanders Proceeding).  

The cases are brought on behalf of, in the Nelson Proceeding, those persons who acquired an interest in fully paid ordinary shares, or American Depository Receipts (ADR), in Beach Energy between 17 August 2020 and 29 April 2021 (inclusive), and in the Sanders Proceeding, those persons who acquired an interest in ordinary shares of Beach Energy, including by ADR, or who acquired a long exposure to Beach Energy shares by entering into equity swap confirmations, between 17 August 2020 and 30 April 2021, and in each case suffered loss or damage when Beach Energy downgraded its estimates of oil and gas assets in its Western Flank oil field on 30 April 2021, resulting in a fall in Beach Energy’s share price.

The group proceedings are being managed together by the Honourable Justice Nichols, who held a hearing to determine which of the proceedings would continue (the Multiplicity Application) on 1 April 2022.  At that hearing, noting that the parties each intend to apply for a group costs order (GCO), her Honour adjourned the Multiplicity Application to be determined after the parties put on their GCO applications so that the funding basis of the competing proceedings can be properly examined.  The plaintiffs’ GCO applications were heard together on 19 May 2022.  Her Honour has reserved her decision on which proceeding will continue.

Summons for a Group Costs Order filed on 9 May 2022 in the Nelson Proceeding (S ECI 2021 04440) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication

Summons for a Group Costs Order filed on 6 May 2022 in the Sanders Proceeding (S ECI 2022 00256) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication

Group Proceeding Summary Statement (Updated) filed on 20 April 2022 in the Sanders Proceeding (S ECI 2022 00256) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication

Statement of Claim filed on 11 February 2022 in the Sanders Proceeding (S ECI 2022 00256) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication

Funding Information Summary Statement filed on 25 November 2021 in the Nelson Proceeding (S ECI 2021 04440) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication

Group Proceeding Summary Statement filed on 25 November 2021 in the Nelson Proceeding (S ECI 2021 04440) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication

Writ and Statement of Claim filed on 25 November 2021 in the Nelson Proceeding (S ECI 2021 04440) of the Beach Energy Group Proceedings (Class Actions)

Publisher
Supreme Court of Victoria
Date of publication