Seafarms Group is facing new legal action in the Federal Court concerning historical announcements related to its “Project Sea Dragon” development. Shareholders associated with Jan Cameron, known as the Cameron group, initiated the proceedings on March 19.
The litigation alleges that the company engaged in misleading or deceptive conduct through public statements made in 2021. According to the filing, these announcements concerned the estimated capital costs for stage one of the prawn aquaculture project.
The Cameron group claims the business breached several statutes, including the Corporations Act 2001 and the Australian Securities and Investment Commission Act 2001. Allegations also involve potential violations of the Competition and Consumer Act 2010, the statement confirmed.
Seafarms mentioned that while it was not a party to previous pre-action discovery applications by the same group, it has now been served with the formal claim.
The company expressed that the claims are "unfounded" and it has briefed legal counsel to represent its interests.
The firm said it intends to defend the proceedings as the matter moves forward. Further updates will be provided by the board following the first directions hearing once it has been scheduled by the court, Seafarms stated.
