EML Payments (ASX:EML) signed an in-principle agreement to settle a shareholder class action lawsuit for AU$37.4 million related to alleged misleading and deceptive conduct and breach of continuous disclosure obligations, in the Supreme Court of Victoria, according to a Wednesday Australian bourse filing.
The lawsuit was brought against the firm in 2022 by Shine Lawyers on behalf of shareholders who had acquired a stake in EML during the period from Dec. 19, 2020, to May 19, 2021, and from Aug. 18, 202,1, to July 25, 2022.
In settling, EML makes no admission of liability.
The settlement is subject to the execution of a deed of settlement and approval by the Supreme Court of Victoria.
The firm's shares jumped 7% in recent trading on Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.