Todd Hayward (“the applicant”) brings this group proceeding pursuant to Part 4A of the Federal Court Act 1976 (Cth).

The applicant acquired 340 ordinary fully paid shares for $27.79 in Sirtex Medical Limited (“SRX ED securities”) on 1 December 2016.

On 10 February 2017, the applicant commenced a class action on his own behalf and on behalf of all persons who acquired ordinary shares in Sirtex:

  • on or after 24 August 2016; and
  • who were at the commencement of trading on 9 December 2016 holder of any of those shares (“the relevant period”)

On 24 August 2016, Sirtex disclosed to the market that it forecast “double digit dose sales growth [of SIR-Spheres] to continue in the 2017 financial year (“FY2017”).

The applicant alleges that Sirtex had no reasonable grounds for making this representation and accordingly the representation is taken to be misleading or deceptive.

On 9 December 2016, Sirtex made a corrective disclosure of their full year growth in dose sales to be in the range of 5%-11%.

The applicant alleges that Sirtex became aware of material information about the FY2017 forecasts no later than 26 October 2016 and failed to disclose this information to the market.  The applicant is not at this stage privy to Sirtex’s records and does not know when Sirtex first knew this information.  Once Sirtex makes discovery, the applicant may uncover that Sirtex became aware of material information relating to the FY2017 forecasts before 26 October 2016.

The applicant alleges that in the period from 24 August 2016 until the commencement of trading on 9 December 2016 that the price for SRX ED securities was inflated because the market did not know:

  • that Sirtex had represented that Sirtex would have double digit dose sales growth in FY2017 when Sirtex had no reasonable grounds for making that representation; and
  • the material information about the FY2017 forecasts to the ASX which Sirtex first disclosed to the market on 9 December 2016.

Therefore, it is alleged that any shareholder who acquired SRX ED securities in the relevant period did so at an inflated price.

This has resulted in the applicant and each group member to suffer loss and damage.

This class action intends to compensate all group members who acquired Sirtex shares in the relevant period.

It is intended that this page will be used to provide up to date information to class members  for their consideration.