The Supreme Court of Queensland dismissed claims under s 18 of the Australian Consumer Law (Queensland) alleging misleading or deceptive representations about the value and future financial performance of a second-tier lending business, which induced the plaintiff to pay $7 million for shares that were later found to be worthless. On the facts, the Court found that neither the plaintiff ([name withheld]) nor the principal defendant ([name withheld]) were credible or reliable witnesses, and that critical oral representations as alleged — particularly that the business was 'worth $70 million' and would become a '$100 million company' within a year, and that the plaintiff would 'double his money' — were not established on the balance of probabilities. The Court found that the plaintiff had extensive access to the company's financial records, conducted his own due diligence, and arrived at his own independent financial assessments, undermining the claim of reasonable reliance on the alleged representations.
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