Dreamworld operator Ardent Leisure hit by shareholder class action linked to 2016 tragedy that claimed four lives
Dreamworld operator Ardent Leisure has been hit with a shareholder class action in connection with the 2016 tragedy at the theme park that claimed four lives.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
DREAMWORLD operator Ardent Leisure has been hit with a shareholder class action in connection with the 2016 tragedy at the theme park that claimed four lives.
Ardent said yesterday in an ASX statement that law firm Piper Alderman has filed proceedings in the Federal Court on behalf of people who bought shares in the company between June 17, 2014 and October 25, 2016.
The law firm is alleging breaches of the Corporations Act by the company.
“Ardent strongly denies any contraventions as alleged and believes the proceedings to be without merit,” the company said.
ARDENT DELAY SETTING DATE FOR REOPENING DREAMWORLD
HEARTBREAKING MOMENT 5000 THEME PARK STAFF WERE TOLD THEIR JOBS WERE GONE
“Ardent intends to vigorously defend the proceedings.”
On October 25, 2016, Kate Goodchild, 32, her brother Luke Dorsett, 35, his partner, Roozi Araghi, 38, and Cindy Low, 42, died when the raft they were travelling in flipped at the end of the Thunder River Rapids ride.
Shares crashed in the wake of the tragedy wiping hundreds of millions off the market capitalisation and leaving shareholders with heavy losses.
Shares closed down yesterday close to 5 per cent at 48 cents.
It comes after Ardent on Wednesday announced a staged reopening of its parks from July with SkyPoint Observation Deck and Climb the first attraction to relaunch on July 10.
However, Ardent did not fix dates for reopening Dreamworld and WhiteWater World as it waits for more “clarity on the opening of the Queensland border, the lifting of other restrictions and the outcome of current discussions in relation to Federal and Queensland State Government funding”.
It said it hopes to be opening at “full capacity” in time for the September school holidays.
MORE NEWS
Labrador councillor’s ‘shocking’ tinnie decision
Olivia Wirth’s Myer revival hinges on it all coming together
The former Qantas executive has moved at lightning speed in her first 100 days in charge of the retailer. This is where she wants to take it.
‘Follow the rules’: Developer warning as tower begins to rise
The first sod has been turned on a ultra luxury beachfront Broadbeach tower despite warnings from the Gold Coast City Council its building permit is yet to be approved.