ASX-listed Sims drops in a weaker broader market; co settles class action

Sims

10/06/2022 04:19

(Updates)
    ** ASX-listed shares of metals and electronics recycler Sims
Ltd  SGM.AX  drop as much as 5.5% to A$17.44, their biggest
intraday pct drop since May 6
    ** The drop comes amid a 0.8% fall in the broader Australian
benchmark index  .AXJO 
    ** Separately, SGM also agrees to settle a shareholder class
action lawsuit filed against it in Feb. 2019
    ** SGM says settlement is without admission of liability,
but expects net cost, after deducting for insurance, of about
A$15 mln ($10.64 mln)
    ** Says total agreed settlement is A$29.5 mln, but adds that
the amount is not material to it
    ** Shareholders of SGM, who had acquired a stake in the co
between Aug. 21, 2015 and Feb. 19, 2016 had filed a lawsuit
against the co, alleging misleading or deceptive conduct and
breaches of ASX listing obligations    
    ** Stock hits lowest since June 2
    ** Stock up 14.9% this year, as of last close

($1 = 1.4102 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))