Sirtex Medical Ltd. again delayed its proposed A$30 million share buyback due to a pending legal action.
A shareholder of the company filed a lawsuit in the Federal Court of Australia alleging that Sirtex Medical made misleading statements that negatively impacted investors. That same shareholder also filed an injunction against the buyback, noting that if the company were to continue, it could impact its ability to satisfy damages as a result of the lawsuit.
The buyback was due to commence April 17 but has been pushed back again, this time to June 7 assuming the injunction action fails.
As of April 7, US$1 was equivalent to A$1.33.