Treasury Wine Estates class action

Maurice Blackburn is investigating a potential class action against listed company Treasury Wine Estates Limited (Treasury; ASX:TWE) for breach of market disclosure laws.

The potential claim concerns Treasury’s ASX announcement on 28 January 2020 in which Treasury:

  • downgraded its FY20 EBITS growth forecast from an anticipated rate of 15% to 20% down to 5% to 10%;
  • reported a decline in 1H20 Americas EBITS to $98.3m, a decline of over 26% from 1H19 on a constant currency basis; and
  • discussed problems in its Americas wine business, including leadership changes and a “loss of execution momentum”; US wine market dynamics; and the need to “manage our US and Commercial wine business differently”.

There was a significant market reaction to this announcement. Over the following two days, Treasury’s share price dropped by approximately 20% in total, with a drop of 25% on 29 January 2020 alone.

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Case updates

Potential claim is being investigated

Key dates

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Am I eligible to join the potential Treasury Wine Estates Limited class action?

You are eligible to register your interest in the potential class action if you purchased shares in Treasury in the period from 14 February 2019 to 28 January 2020.

Click here to begin the registration process.

Registration is cost and risk free.

If you have any questions you may email treasuryclassaction@mauriceblackburn.com.au or call 1800 519 720

Potential Claim

Maurice Blackburn is investigating whether Treasury breached its continuous disclosure obligations under the Corporations Act 2001 (Cth), and engaged in misleading or deceptive conduct.

Treasury had first publicly forecast an EBITS growth rate in FY20 of approximately 15% to 20% on 14 February 2019, in its 2019 Interim Results Announcement.

Treasury then specifically reaffirmed that guidance of approximately 15 to 20% EBITS growth in 2020 in publicly announcing its annual results for FY19 on 15 August 2019; and again on 16 October 2019 in Treasury CEO Michael Clarke’s address to the Annual General Meeting.

Maurice Blackburn’s investigation will consider whether there was a reasonable basis for that guidance, and whether Treasury ought to have made a corrective disclosure regarding it or regarding matters relating to its Americas wine division and Commercial wine in particular, sooner than 28 January 2020.

Claim period

Maurice Blackburn believes that persons who acquired an interest in Treasury securities in the period from at least 15 August 2019 to 28 January 2020 may have a claim against Treasury.

Maurice Blackburn’s investigations will also consider whether the claim period may commence earlier, on 14 February 2019, when Treasury first publicly forecast an EBITS growth rate in FY20 of approximately 15% to 20%.

Persons who acquired shares in the period from 14 February 2019 to 28 January 2020 are invited to register their interest in the potential claim below. We will inform persons who register of the duration of the claim period for any proposed class action as soon as possible following investigation.

Costs

No class member will be ‘out of pocket’ as a result of registering or participating in the Maurice Blackburn class action. If the case is successful, legal costs will be recovered from the compensation received. If the case is not successful, you will not be required to pay anything.

Previous $49m class action by Maurice Blackburn against Treasury was settled in 2017

This current investigation into Treasury’s conduct is not the first time that Maurice Blackburn has taken action to assist Treasury shareholders to obtain compensation for Treasury’s alleged breaches of market disclosure laws.

This current investigation follows on Maurice Blackburn’s earlier shareholder class action against Treasury that was successfully resolved in 2017, with a settlement of $49m in favour of class members. That claim was funded by IMF Bentham.

Like the claim currently being investigated, the previous Treasury class action concerned problems in Treasury’s Americas business and in Commercial wine. In particular, that case related to Treasury’s announcement in July 2013 of up to $160m in provisions to address excess inventory, including 18 million bottles of aged Commercial wine held by Treasury’s distributors in the United States.

Frequently Asked Questions

Maurice Blackburn is Australia's leading class actions law firm with an unparalleled record of helping our clients secure the nation’s largest class action recoveries, totalling over $2.6 billion since 1998. Maurice Blackburn is the only Australian firm to have recovered in excess of $100 million in shareholder class actions, a feat we have achieved on seven occasions.

You are eligible to register your interest in the potential class action if you purchased shares in Treasury in the period from 14 February 2019 to 28 January 2020.

To begin the registration process,  please click here.

During the online registration process, we will ask you for the following details:

  • an email address, which you check regularly;
  • the claimant’s Holder Identifier Number (HIN) or relevant Security Holder Reference Number (SRN), if you know it;
  • information on your shareholdings:
    • if the claimant’s shares are held on his, her or its behalf by another person or entity (such as a broker or custodian), details of both those persons or entities and the capacities in which they held those shares;
    • if the claimant holds the shares jointly with another person, that other person’s name;
    • if the claimant has multiple holdings of shares, separate transaction details for each holding;
    • the number of Treasury (TWE) securities that the claimant held at the open of trading on 14 February 2019 (10AM AEDT);
    • the date, quantity and price of the claimant’s TWE securities purchases and sales from the commencement of trading on 14 February 2019 to the present.

Institutional investors are not required to provide details of holdings and share transactions. We will contact you to obtain that information.

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