Market based causation in shareholder claims

An Australian judgment which will be of interest to securities litigators and equity investors in particular:

 https://www.austlii.edu.au/au/cases/nsw/NSWSC/2016/482.html 

The theory of "market based causation" has been a running battle in shareholder litigation for many years.  Does a shareholder have to show that it has been personally misled, or is it enough to show that the market generally has been misinformed?  In Re HIH Insurance Ltd [2016] NSWSC 482, the NSW Supreme Court has finally given us a judicial answer: the latter.  

If a company fails to disclose information about its financial position which would be relevant to the share price, the market itself has been deceived and distorted, and anyone who bought during the period of market deception may potentially be entitled to bring a claim to recover the amount by which the share price was over-inflated (provided they were genuinely misinformed i.e did not know the true position).

This is good news from the perspective of aggrieved shareholders - but an issue of this significance is likely to go to appeal, potentially as far as the High Court.