Barney works as a financial adviser. At his cousins wedding, he meets Lou. When Lou discovers Barneys occupation, she asks him if she should invest in Xanerva shares which are listed on the Australian Securities Exchange (ASX). Barney tells her he knows that Xanerva will be announcing the results of a successful trial of a new drug soon. The shares are expected to increase in value significantly following the announcement.

The day after the wedding, Lou withdraws all her savings and buys the shares. Xanerva never makes the announcement, and, in fact the shares lose significant value over the following six (6) months.

Required: Discuss whether Barney is likely to be liable in tort. Address only tort law issues.