Noumi (ASX:NOU) will pay AU$11.6 million to investors who claimed the company's accounts did not provide "a true and fair view" of its performance between 2014 and 2020, the company said in a Tuesday filing with the Australian bourse.
The company's former auditor Deloitte will pay the majority of the total settlement of AU$43 million and the company's share of AU$11.6 million will be paid in full by its insurer, the filing said.
The food company has agreed to pay AU$4 million in legal and professional costs which will be reflected in its full fiscal year results, per the filing.
The company said the management entities who committed the acts of omission referred by the Australian Finance Review's article published on the same day are its former chief executive officer and chief financial officer, who left the company in 2020.
The Victorian Supreme Court will hear the application filed by the Plaintiffs to approve the settlement on April 17, the filing added.
Noumi's shares rose 14% in recent trade.
Price (AUD): $0.17, Change: $+0.020, Percent Change: +13.79%
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