Class action continues against Noumi

By Geoff Adams

Jan 28, 2022

Ongoing: Class action by investors against the former Freedom Foods (now Noumi) continues.

A class action by investors against the former Freedom Foods (now Noumi) is continuing in the Victorian Supreme Court.

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The civil action alleges the company did not disclose price-sensitive information relating to the company’s performance between 2014 and 2020.

Slater and Gordon has filed a shareholder class action against Freedom Foods Group Limited (FNP.AX) and Freedom Foods’ auditors, Deloitte Touche Tohmatsu (Deloitte).

The proceeding alleges that eligible shareholders have claims against Freedom Foods and Deloitte as a result of acquiring FNP securities in the claim period at an inflated price due to the allegedly misleading conduct of Freedom Foods and Deloitte, as well as Freedom Foods’ alleged contravention of its continuous disclosure obligations.

A second proceeding has been filed in the Supreme Court of Victoria against Freedom Foods and Deloitte, covering investors who purchased Freedom Foods shares over the same time period, and is being run by the law firm Phi Finney McDonald with support from the litigation funder Omni Bridgeway.

Prior to Christmas, Noumi was advised that the two cases had been consolidated into one case in the Supreme Court. No new claims were made.

Noumi owns and operates a milk processing factory in Shepparton.

By Geoff Adams

Shepparton News assistant editor and Country News journalist