WorleyParsons advises that the shareholder class action brought against the Company, funded by BSL Litigation Partners Limited (BSL), has been discontinued by the applicant, Ms Walsh, with undertakings from Mr Mark Elliott, BSL, Melbourne City Investments Pty Ltd (MCI) and Ms Walsh that they will not support further proceedings against the Company in respect of the subject matter of the class action.
This result follows two earlier related class actions already concluded with costs awarded to WorleyParsons.
The first action brought by MCI (which Ms Walsh sought to join as co-Plaintiff) was dismissed on 17 October 2014 on the grounds that MCI was unable to articulate a cause of action that had reasonable prospects of success.
The second action brought by Ms Walsh, funded by MCI, was permanently stayed as an abuse of process on 26 May 2017.
The result yesterday relates to a third class action brought by Ms Walsh in the Federal Court of Australia in which the Company was seeking court orders that the action be permanently stayed as an abuse of process.
The Company is pleased that this provides closure of these shareholder class actions.