iSignthis Class Action

iSignthis Class Action

The Claim

Piper Alderman has filed a class action in the Federal Court of Australia on behalf of shareholders who acquired shares in iSignthis Limited (ISX) (now Southern Cross Payments Ltd) between 16 April 2019 and 2 October 2019 (inclusive) (Relevant Period).

The class action is brought against ISX and Grant Thornton Audit Pty Ltd (Grant Thornton) which audited ISX’s accounts for the financial years ending June 2018 (FY18 June Accounts) and December 2018 (FY18 December Accounts).

On 2 October 2019, the ASX suspended trading in ISX shares. On 4 November 2022, ISX was delisted from the ASX.

Broadly, the claim alleges that:

1. the revenue in the FY18 June Accounts and the FY18 December Accounts was not properly recorded;
2. in publishing the FY18 June Accounts and the FY18 December Accounts, ISX made misleading and deceptive representations in breach of the Corporations Act 2001 (Cth);
3. in providing an auditor’s report to ISX to the effect that the accounts gave a true and fair view of ISX’s financial position and complied with relevant accounting standards in respect of ISX’s FY18 June Accounts and FY18 December Accounts, Grant Thornton also made misleading and deceptive representations in breach of the Corporations Act 2001 (Cth);
4. Group Members have suffered loss and damage as a result of ISX and Grant Thornton’s contraventions, being (i) the amount paid for shares in ISX as well as interest; (ii) further and alternatively, the difference in price acquired and the true value of the shares (i.e. the price the shares would have traded at but for the contraventions).

Status of the Proceedings

The proceedings will be listed for an initial case management hearing before the Court.

Registering your details

If you acquired shares in ISX in the period 16 April 2019 to 2 October 2019 (inclusive), we invite you to register for the class action by filling out the form below. We may then contact you on your registered email address or telephone number to discuss the action and your claim.

There are no upfront costs for registering to participate in the class action. The claim is being funded by an international litigation funder meaning you will not become liable for any “out of pocket” legal expenses simply by registering.

Following your registration, a member of our team will contact you to discuss the action and your claim.