Business
Worley judgment reveals ‘culture of optimism’ – The Australian Financial Review
Worley has won a class action alleging it misled investors in 2013 but the judgment shows staffers were under pressure to inflate budget forecasts.
Justice Gleeson found that while the basis for the downgrade was “plainly open to question” and that Worley’s 2013-14 budget may have been “overly optimistic”, she was not persuaded that the company’s previous earnings guidance, given in August, lacked “reasonable grounds”.
The judgment showed the court recognised the seriousness of the allegations against Worley, and that it was unwilling to accept them without “clear evidence”, Ms Thompson said.
However, the judgment said Worley’s budget-setting…
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