Livestock shipping charterer and former live exporter Wellard says it has agreed to pay $23 million to settle a class action related to its ill-fated 2015 share market float.
Wellard Limited stock opened at $1.39/share upon listing in December 2015.
However, its share price plunged to 20c within 12 months, following a series of profit downgrades blamed on rising Australian cattle prices and mechanical problems with its livestock export vessels.
A class action was launched by law firm Quinn Emanuel Urquhart & Sullivan on behalf of shareholders in March 2020, and financed by litigation…
