Good find! I have referred to this case in previous threads and...

Good find! I have referred to this case in previous threads and i thought it hd fizzled out. But its alive and plaintiff (WOR shareholder Larry Crowley) wins the first round. The court documents show:

' 6 The plaintiff’s case is that, on three occasions on 14 August 2013, WorleyParsons represented to the market that it was on a solid foundation to deliver increased net profit after tax (NPAT) for the financial year ending 30 June 2014 in an amount in excess of $322 million and that, as a result, it expected to earn a NPAT in excess of $322 million in that financial year. The plaintiff alleges that these representations constituted earnings guidance on the part of WorleyParsons and that the substance of that earnings guidance was subsequently repeated on three occasions in October 2013. The plaintiff alleges that, on 20 November 2013, WorleyParsons downgraded the earnings guidance which it had given in August and October 2013 without offering any real explanation as to why, as at 20 November 2013, it considered it necessary to do so. The plaintiff alleges that WorleyParsons had no reasonable basis for giving the earnings guidance which it gave in August and October 2013 and, for this reason, engaged in misleading or deceptive conduct. He also alleges that WorleyParsons was actually aware, at the time when it gave the August and October 2013 earnings guidance, that it had no reasonable basis for giving that guidance and thus breached the continuous disclosure obligations imposed upon it by s 674(2) of the Corporations Act 2001 (Cth) (Corporations Act).'

If Crowley wins his case it will open a huge can of worms and a class action is very likely imo. Obviously WOR are fighting tooth and nail to get it squashed. Amazing stamina by shareholder to keep it going these past 3 years.

PS. This case has strongly influenced WOR to provide zero guidance in any outlook statement for many moons. As OP explains the firm simply talks about 'difficult and challenging' conditions. Figure are never provided.

Still sticking with 1hfy17 result will come in well below analysts expectations. One brokerage tips 128c for full year. My estimate 50-55c with 20-24c in 1hfy17. SP above $10 is very excessive if i'm in the ballpark. We'll know in about 6 weeks time.

Partly because of this court case WOR are ensuring every 'contract of significance' is made public to shareholders. No news indicates lack of large contract wins despite numerous tenders. Competition has never been more intense.