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What is the investigation about?

On 22 August 2025, trading in CTD shares was suspended after the company announced that, while preparing its financial results for the year ended 30 June 2025, it had identified the need for a material correction to aspects of its previously published financial statements.

The suspension remained in place for more than a year.

During the suspension, CTD disclosed that it had overcharged certain customers over a number of years, particularly customers in the United Kingdom, and had retained amounts to which it was not contractually entitled.

These matters had significant consequences for CTD. In particular:

• CTD was required to repay substantial amounts to affected customers; and
• CTD’s previously published financial statements contained material errors, including significant overstatements of revenue and earnings and significant understatements of liabilities.

Those financial statements had been audited by PwC, which had issued unqualified audit opinions in respect of them. The financial statements were subsequently required to be restated.

During the suspension, CTD was also removed from the S&P/ASX 200 Index.

On 21 August 2026, CTD announced that it had concluded remediation arrangements with the majority of its key affected UK customers. On 27 August 2026, CTD published its restated financial statements together with its delayed financial statements for the 2025 financial year.

Trading in CTD shares resumed on 3 September 2026. By the close of trading, CTD’s share price had declined by more than 85%.

What conduct is being investigated?

Our investigation concerns whether CTD engaged in misleading or deceptive conduct and/or breached its continuous disclosure obligations by failing to disclose the customer overcharging and related accounting issues in a timely manner, and by publishing financial statements that contained material errors.

We are also investigating whether PwC engaged in misleading or deceptive conduct by issuing unqualified audit opinions in respect of CTD’s financial statements. 

The investigation will consider whether investors who acquired CTD shares during the relevant period suffered loss as a result of the alleged conduct and may be entitled to compensation.

If you acquired an interest in CTD between 1 October 2020 and 22 August 2025, inclusive, we encourage you to register your interest in the investigation.

“Shareholders are entitled to invest with confidence that the financial information released to the market fairly and accurately reflects a company’s true financial performance and position.

Corporate Travel Management shareholders have seen more than 85% of the company’s market value wiped away. Shareholders who suffered losses are entitled to have their concerns investigated and to understand whether the information on which they relied met the standards required by law.

Shareholders are also entitled to expect that those charged with independently scrutinising a company’s financial statements, including its auditors, have discharged their responsibilities in accordance with applicable legal and professional standards.”

Joseph Braverman, Principal Lawyer

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