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Sydney Class Action Law Firm, Levitt Robinson, is well advanced in formulating claims against members of the board of Phoslock and its auditors concerning their alleged liability for the collapse of the share price, the initial protracted suspension of trading and the at least temporary, if not permanent, delisting from the ASX of Phoslock, announced mid-August, 2023.

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As you would well know, KPMG investigated its own ‘work’, and justified so doing by bringing in its ‘autonomous’ forensic arm. Was there real separation between KPMG Forensic and KPMG Audit?

We are instructed that KPMG (Hong Kong) had been engaged to conduct PET’s audits according to the ASX standard. They should have been on notice of the prevalence of the practice of guanxi, and its corrosive influence on commerce in the People’s Republic of China (PRC).

PET, a company with enormous promise which, having acquired a successful formula from the CSIRO to eliminate cyanobacteria from bodies of water and with access to vast and lucrative international markets, has imploded since 2020, not because of external market forces but due to management, oversight decisions and conduct, for which those responsible must be held to account by the shareholders who have lost so much.

Levitt Robinson has identified more than one cause of the company’s collapse and we are engaged in a comprehensive forensic process ourselves, assisted by our own team of experts.

We will be seeking compensation for those who invested in good faith in reliance upon things they were told or ought to have been told but were not.

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If you bought shares individually or on behalf of your self-managed superannuation fund or for some other trust or entity, then you or the shareholder or former shareholder will be eligible to participate in the Class Action and you should complete this short form:

Prospective Phoslock Shareholder Class Action
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