Court Approves Stark Shareholder Class Action Lawsuit
A recent decision by the Southern Bangkok Civil Court is paving the way for a class action lawsuit against Stark Corporation Pcl. It’s an important moment in Thailand’s legal history, as it’s the first time a class action lawsuit involving regular stock securities has moved forward since changes were made to the Code of Civil Procedure in 2015.
This lawsuit, known as Case No. 1061/2024, was started by the Thai Investors Association on behalf of five plaintiffs who represent a larger group described as “individuals who bought or sold shares of Stark Corporation on the Stock Exchange of Thailand between May 11, 2021, and June 16, 2023.” The court’s decision encompasses all members of this group who share similar circumstances.
This development gives the opportunity for more investors affected by Stark’s actions to seek legal recourse together. The results of the case involving the initial five plaintiffs will apply automatically to the broader group.
The Thai Investors Association is taking an active role in supporting those impacted by the alleged misconduct, providing updates on the case through official announcements in 2024 and maintaining a section on their website dedicated to the class action. They are also communicating via email with registered victims and working with relevant authorities and media outlets to spread awareness.
While defendants have the option to appeal the court’s decision, this class action marks the starting point of what could be a complex legal journey towards justice for Stark’s shareholders who may have suffered financial losses.
The Securities and Exchange Commission has taken action by suspending trading in Stark Corporation’s shares, seizing the company’s assets, and bringing fraud charges against its executives for allegedly falsifying financial statements.
