Bannister Law has today filed a class action on behalf of shareholders against embattled listed company Quintis Limited (ASX Code: QIN).
Quintis claims it is the world’s largest owner and manager of commercial Indian sandalwood plantations.
The class action alleges Quintis failed to inform the market of information relating to important supply contracts over the period 16 December 2016 to 10 May 2017, in contravention of its continuous disclosure obligations.
The claim alleges that on or about 16 December 2016, Galderma, a subsidiary of multinational corporation Nestle, terminated a large long-term Sandalwood oil supply contract with Santalis, a subsidiary of Quintis. This information was not disclosed to the Australian Stock Exchange until 10 May 2017.
When the information was finally announced to the market, the share price fell from $1.07 to 29 cents, a fall of over 77.5 cents. Quintis shares have been suspended from trading since 15 May 2017, pending an announcement as to its future solvency.
Quintis, previously known as TFS Corporation, is Australia’s largest owner and manager of Indian Sandalwood plantations. Indian Sandalwood oil is used in the manufacture of several products including perfumes, pharmaceuticals and cosmetic goods.
All shareholders who acquired shares in the period 16 December 2016 to 10 May 2017 are encouraged to register their details on Bannister Law’s website.
The class action is supported by litigation funder JustKapital.
Shareholders should register at http://quintisclassaction.com.au/