Agricultural chemicals company Nufarm said it had reached a A$43.5 million ($56.34 million) conditional settlement of class action proceedings started last year alleging non-disclosure and over-optimistic profit forecasts in 2010.
Nufarm had previously denied all wrongdoing, saying it would vigorously defend the case.
Chairman Donald McGauchie said Nufarm's board "carefully
considered risks and costs associated with a protracted litigation and demand on management's time".
The lawsuits attracted hundreds of disgruntled investors who bought Nufarm shares between September 2009 and August 2010.
For the year ended July 31, 2011, Nufarm reported a bottom-line loss of A$49.5 million compared with an A$22.7 million loss in 2010. Last month, Nufarm said it expected underlying net profit for the year would be between A$110 million and A$116 million compared with A$98.1 million the year before.
