Persons claiming damages for misleading or deceptive conduct under s 995 of the Corporations Law who allege they incurred damages by acquiring securities in consequence of such conduct must prove they were misled by that conduct; indirect causation (that but for the contravention the securities would not have been issued) is insufficient where the plaintiff's own conduct forms a link in the causation chain. Materiality must be expressly pleaded in claims under s 996. Where investors are locked in to investments that prove worthless, damages are assessed as the difference between the price paid and the true value (nil), and the rule in [name withheld] v [name withheld] does not apply.
The full text is available to signed-in members, including the 116 later cases that cite this judgment.
15 of the 116 citing cases carry a classified treatment. How each court treated it is available to signed-in members.