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Ardent Leisure shareholders launch class action over Dreamworld deaths

Ardent Leisure shareholders launch class action over Dreamworld deaths
June 18, 2020

The Ardent Leisure Group has acknowledged that it has been served with a shareholder class action as a result of the deaths of four people at Dreamworld on the Gold Coast in October 2016.

The proceedings have been filed by Piper Alderman in the Federal Court of Australia on behalf of people who acquired shares in Ardent between 17th June 2014 and 25th October 2016 and allege contraventions of the Corporations Act.

In a statement to the ASX acknowledging the legal action, the company advised “Ardent strongly denies any contraventions as alleged and believes the proceedings to be without merit.

“Ardent intends to vigorously defend the proceedings.”

The company said it would keep its shareholders informed of any developments in the class action.

Earlier this year, an inquest into the deaths of four people on Dreamworld's Thunder River Rapids ride at Dreamworld in 2016 found a “systemic failure” in all safety aspects leading up to the incident.

The Queensland Coroner’s report warned the company could face fines up to $3 million if convicted of suspected breaches of workplace law.

Dreamworld is currently closed as a result of the Coronavirus pandemic and, experiencing losses reported to be a much as $10 million a week, has yet to announce when it will reopen.

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5th June 2020 - Ardent and Village Roadshow look for early reopening of Gold Coast theme parks

5th June 2020 - Approval of Industry Plan sets path for reopening of Queensland’s swimming pools and aquatic centres

27th May 2020 - AALARA releases guide for the reopening of Australia’s attractions industry

22nd May 2020 - Financial impact of Coronavirus puts new rides at Gold Coast theme parks on hold

19th May 2020 - Queensland Government provides emergency funding for theme parks and wildlife attractions

15th May 2020 - Industry considers economics of post-Coronavirus reopening with limited numbers

29th April 2020 - AALARA updates members on attractions sector challenges

28th March 2020 - IAAPA reveals recommendations for closing and reopening theme parks impacted by COVID-19

23rd March 2020 - Gold Coast theme parks ‘temporarily close’ in reaction to Coronavirus crisis

25th February 2020 - Ardent Leisure shares fall after critical Coroner’s report into Dreamworld tragedy

25th February 2020 - Queensland Government announces acceptance of Coroner’s findings into 2016 Dreamworld ride deaths

25th February 2020 - Ardent Leisure faces possible prosecution over 2016 ride deaths

24th February 2020 - AALARA highlights Australian theme parks’ ongoing safety commitments

24th February 2020 - Coroner’s report on Dreamworld fatalities exposes Ardent Leisure to prosecution for multiple safety breaches

8th February 2020 - Dreamworld permanently closes Rocky Hollow Log Ride

28th June 2019 - Ardent Leisure facing potential $80 million liability in wake of Dreamworld inquest

8th April 2019 - Ardent Leisure borrows $225 million for attractions investment

13th March 2019 - Ardent Leisure shares hit seven-year low

7th December 2018 - Dreamworld reputation savaged at inquest

22nd November 2018 - Ardent Leisure reveals theme park investment strategy

22nd August 2018 - Ardent Leisure losses grow as Dreamworld’s value declines by $75 million

30th June 2018 - Ardent Leisure issues statement of apology over Dreamworld deaths

25th June 2018 - Inquest evidence causing ‘irretrievable’ damage to Dreamworld’s reputation

29th September 2017 - Gary Weiss takes on Chairman’s role at Ardent Leisure

4th September 2017 - Ardent Leisure invites rebel shareholders to join board

24th May 2017 - Ardent looks to quash Dreamworld sale rumours, explores site rezoning plan

23rd February 2017 - Dreamworld closure drags Ardent Leisure to $49 million half year loss

9th February 2017 - Dreamworld tragedy causes dive in Ardent Leisure revenue

2nd November 2016 - Ardent Leisure share price continues to fall amid safety scrutiny


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