Naturally, both sides are claiming credit for the rising stock price.The battle is just hotting up and Ariadne's point that Ardent is belatedly taking action because they are on the register has merit.

Ardent Leisure shareholders face a tough choice in coming weeks. "Ardent strongly denies any contraventions as alleged and believes the proceedings to be without merit," its statement said. Shareholders of the company that owns Dreamworld have gone to court to seek compensation for losses following the Thunder River Rapids Ride tragedy which killed four people.Ardent Leisure confirmed in a statement a shareholder class action has been served against it in connection with the 2016 deaths, and said it would "vigorously defend the proceedings".Cindy Low, Kate Goodchild, her brother Luke Dorsett and his partner Roozi Araghi were killed when a water pump on the ride malfunctioned, causing water levels to fall dangerously low.Three criminal charges were filed against Ardent Leisure this week, alleging a failure to comply with a health and safety duty that exposed an individual to a risk of death or serious injury.The maximum penalty for each breach is $1.5 million, or $4.5 million in total.Separately, proceedings have been filed by legal firm Piper Alderman in the Federal Court on behalf of people who acquired Ardent shares between June 17, 2014 and October 25, 2016. Shareholders of the company that owns Dreamworld have gone to court to seek compensation for losses following the Thunder River Rapids Ride tragedy which killed four people. Weiss and Seymour are also seeking board seats, along with two other new directors.It is rare for so-called activist shareholders to spend serious money on their own external reports, particularly when they do not have the luxury of being able to access Ardent's books. In a class action, they have asked the Federal Court to have Ardent Leisure compensate them for financial losses due to an inflated share price before, and the exacerbated losses since, four Dreamworld customers were killed on a ride that was meant to be safe. It has also flagged surplus land sales and plans to fix Dreamworld. Shareholders of the company that owns Dreamworld have gone to court to seek compensation for losses following the Thunder River Rapids Ride tragedy which killed four people. Shareholders of the company that owns Dreamworld have gone to court to seek compensation for losses following the Thunder River Rapids Ride tragedy which killed four people.

* A class action is filed against Ardent Leisure by the company's shareholders, with the first case management hearing listed in the Federal Court for July 30. Credit Suisse is advising Ardent, which also has consultants LEK reviewing its strategy. Do they trust the board which let them down in the first place to come up with a credible plan to turn things around? Our contention is the current board has overseen such a substantial decline in value and needs strengthening," Weiss told this column.The fight will be focused around the strategy to turn things around as well as the new board appointments.Follow the topics, people and companies that matter to you.Fund managers have gobbled up 20 million Sydney Airport shares left over from the company's equity raising. The confusing thing is that both turnaround strategies look similar and both sides will accuse each other of poaching their ideas.Gary Weiss' Ariadne is looking for four seats on the Ardent board.Corporate raider Gary Weiss and property developer Kevin Seymour, who control about 10 per cent of the company through Ariadne, have first-mover advantage after producing a A big part of the strategy is focused on Ardent's Main Events entertainment business in the United States. Other shareholders, though, are sceptical about giving Ariadne's representatives four board seats without them having to pay a premium to control the company.Kelly, who started in the job on July 17, is expected to outline plans for a board refresh, a range of growth options in the United States, a strategy for Dreamworld which potentially includes surplus land sales and a new operating structure in coming weeks. Ardent Leisure Ardent will dispute this, saying the activist shareholders are opportunistic after the stock slump following the Dreamworld accident and claiming credit for work management was doing already. Virburnum Funds also commissioned a second report. Ardent shares have recovered 13 per cent to $2.13 after touching a low of $1.88 on June 30. Where governments aren't stepping in, shareholders often are. The giant ships used by Brazil's Vale group, the main competitor to Rio Tinto, BHP and Fortescue Metals, can carry almost double the amount of iron ore than those used by Australian miners.The structural shift of retail investors preferring to invest in collective investment schemes via an exchange, rather than mutual fund wrapper is accelerating.Sydney and Melbourne sellers cut their asking prices amid a rapidly weakening market. In this case Ariadne paid a US consulting firm to look at Ardent but it will not say who they are for legal reasons. Shareholders who acquired company shares between 2014 and 2016 alleged that Ardent Leisure contravened the Corporations Act of 2001; But the company has denied these allegations and plans to defend itself against proceedings; Ardent Leisure Group is trading 1.04 per cent lower in early trade, with shares selling for 47.5 cents each Ardent Leisure’s shares fell 7% in the final hour of trade after the incident and the company has since struggled to increase profits and win back investor trust. Shareholders in Ardent Leisure Group want the company held to account for its behaviour before and after the 2016 incident. However, this has only happened after the activists started stirring things up.Kelly will have to up the ante with a strategy that can convince shareholders there is more upside in the company if they stick with him and the current board. "The claim alleges Ardent misled investors about the safety measures and corporate governance standards in place at Dreamworld in the years preceding the accident causing Ardent's shares to trade at an artificially inflated price," Piper Alderman states on its website.The class action argues claims by the Ardent Leisure Group over guest safety contradicted the findings of an inquest into the four deaths.The findings were handed down in February after months of evidence in 2018.This latest claim by shareholders accuses Ardent of "misleading and deceptive conduct" for claiming it adhered to best practices and Australian Standards and had systems in place to maintain a safe environment for guests.The claim argues Ardent "likely knew or ought to have known" from January 2001 that Thunder River Rapid Ride rafts could collide and capsize, posing a risk to patrons.It also says evidence presented at the inquest shows "no proper safety system or document management system was in place at Dreamworld" while it was under Ardent Leisure Group's control.The class action action is against Craig Davidson, the chief executive officer of Ardent's Theme Park division until July 2018 as well as Ardent Leisure Limited, Ardent Leisure Management Limited and Ardent Leisure Group Limited.

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