Theme park operator Ardent Leisure Group is facing a shareholder class action lawsuit tied to the 2016 fatal accident at the Dreamworld theme park.
The suit was filed in the Federal Court of Australia alleging the company wilfully misled investors about its safety record, which led to an inflated share price.
It impacts investors who purchased shares from mid-2014 until October 25, 2016, the date of the accident.
Four guests died when two rafts collided and flipped over on the Thunder River Rapids Ride.
The coroner was heavily critical of the safety culture at the park and ‘failed to take any steps to rectify’ safety issues over past years.
"We believe Ardent’s failure caused harm not only to all those directly affected by the incident, but also to the group’s shareholders who were misled into thinking Dreamworld was a secure investment operating at the highest safety standards," said lawyer Greg Whyte.
Ardent Leisure said the lawsuit is ‘without merit’ and ‘strongly denies any contraventions as alleged.’
