Sons of Gwalia Challenged against Shareholder Lawsuit Decision

The Sydney High Court has grant an appeal, made by Sons of Gwalia and another creditor, ING against a decision which entitled Luka Margaretic, a shareholder of Sons of Gwalia to become a creditor, when the mining company went into administration.

In 2004, Luka Margaretic bought $26,000 worth of shares in Sons of Gwalia. But 11 days later the company was placed in voluntary administration and he lost his money.

He launched legal action against the company, claiming it failed to provide information to the share market which would have affected its stock price.

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