News | Gadens investigates potential class actions against fund manager Blue Sky Alternative Investments Limited
29 March 2018
In a report published by Glaucus Research Group on 27 March 2018, Brisbane-based fund manager Blue Sky Alternative Investments Limited (Blue Sky) has been accused of grossly exaggerating its assets under management, misrepresenting the performance of its investments and collecting management fees far in excess of its entitlements.
These are serious allegations which raise grave concerns about possible breaches of the Corporations Act 2001, the Australian Securities and Investments Commission Act 2001 and the ASX Listing Rules by Blue Sky and one or more of its officers.
On 28 March 2018, Blue Sky suspended official quotation in accordance with listing rule 17.1 of its shares following a 9% decrease which wiped off approximately $80 million from its market value.
Blue Sky’s shares which listed at $1.00 in January 2012, last traded at $10.40 prior to the suspension.
Gadens is currently investigating whether Blue Sky and/or any of its officers have failed to comply with their statutory obligations and have misled the market.
Our initial investigation indicates that loss may have been suffered by two classes of person:
shareholders of Blue Sky; and
direct investors in the funds managed by Blue Sky.
We invite any interested and affected persons to register their interests in participating in a possible class action against Blue Sky and/or its officers. Registration is open from our online portal here.
Those registering their interest will be kept informed of developments and can contact Gadens with any queries. No charge will be made on those registering their interest. Gadens’ privacy policy (https://www.gadens.com/privacy-policy) will apply to those registering.
For more information, contact:
Simon Theodore
Partner
Tel: +61 3 9252 2523
Email: simon.theodore@gadens.com
