In a 'no transaction' case under the Australian Consumer Law, a plaintiff need not plead or prove a specific counterfactual; it is sufficient to establish that but for the misleading conduct the transaction would not have occurred. The approach in Wyzenbeek v Australian Marine Imports Pty Ltd (2019) 272 FCR 373 should not be followed in Queensland. Compensation in such cases is assessed as the difference between the price paid and the actual value of the shares at the date of settlement. Damages for breach of warranty in a share sale are assessed as the difference between the price actually paid and the price that would have been paid if accurate financial information had been disclosed.
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