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Deadlines for registering or opt out

If you received the Notice, or think you are a group member in the Treasury Wine Estate Class Action, you must register before the deadline to be eligible to receive compensation if there is an in-principle settlement at an upcoming mediation and the Court approves the settlement. 

The deadline to register or opt out is 4pm on 20 December 2023 (AEDT).

If you do nothing before the deadline, you will not be entitled to participate in any settlement that is agreed by the parties and approved by the Court, and your rights to bring a claim against TWE will be extinguished. We encourage you to register.

It does not cost you anything to register and you will never be asked to pay any costs out of your own pocket.

Key dates

The deadline to register or opt out is 4pm on 20 December 2023.

Mediation is to commence in the week commencing 22 July 2024.

Contact the team

Call:  1800 519 720

About this class action

Maurice Blackburn and Slater & Gordon, on behalf of two plaintiffs (Steven Napier, and Brett Stallard as trustee for the Stallard Superannuation Fund), are jointly conducting a class action in the Supreme Court of Victoria against listed company Treasury Wine Estates Limited (Treasury; ASX:TWE) for engaging in misleading and deceptive conduct and breaching its continuous disclosure obligations in the period from 30 June 2018 to 28 January 2020.

The class action centres on Treasury’s declining performance in its Americas wine business since at least mid 2018. It follows 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% to 5% to 10%.

There was a significant market reaction to this announcement, with Treasury’s share price dropping by 25% on 29 January 2020.

The class action alleges that Treasury breached its market disclosure obligations and engaged in misleading or deceptive conduct.

In particular, the class action alleges that from at least 30 June 2018 to 28 January 2020, Treasury’s US performance was in decline and Treasury failed to disclose this or to correct representations to the effect that the performance of the Americas division would strengthen and contribute to accelerated earnings growth.

Additionally, the class action alleges that from 14 February 2019 to 28 January 2020, TWE’s FY20 earnings growth forecast of 15% to 20% was made without a reasonable basis and it failed to disclose this or to inform the market that this forecast was not achievable.

Frequently asked questions about the Treasury Wine Estates Class Action

If you received a Notice of Registration and Opt out by email or post, the Defendant has identified you as a potential group member in the Treasury Wine Estates Class Action.

You must register by the below deadline if you want to claim compensation that may arise from the upcoming mediation. 

For group members in the Treasury Wine Estates Class Action, the deadline to register or opt out is 4pm on 20 December 2023 (AEDT).

Register now

We encourage group members who wish to remain a group member to register their details with us. If you do not register with us by the deadline listed above, you will not receive compensation if the upcoming mediation leads to a Court-approved settlement. By registering, the information you provide will help the parties work out if a settlement is possible.

If you are a group member and you decide not to opt out and do not register, you will not be entitled to receive any compensation if the upcoming mediation leads to a Court-approved settlement.

You do not need to register again if you have already registered in the class action with us.

Opt Out

If you want to opt outyou must do so by the deadline. If you opt out, you will not be a group member anymore. This means:

  • you will not be bound by the outcome of the class action; and
  • you will not be entitled to share in any benefit of any order, judgment or settlement in favour of the Plaintiffs and group members of the class action in which you were a group member.

If you opt out, you may bring your own claims against the defendant depending on your circumstances. If you wish to bring your own claim, you should seek independent legal advice as soon as possible about your claims. Time limits to bringing a claim may apply.

You can opt out by filling out the form attached to the relevant Registration & Opt Out Notice. 

If you received a Notice of Registration and Opt Out by email or post, this is because you have been identified as a potential group member in the Treasury Wines Estates (TWE) class action. We encourage you to register to be eligible to receive potential compensation.

Criteria for being a group member

You are a group member if you:

(a) acquired shares in TWE in the period from 30 June 2018 to the close of trade on 28 January 2020 (inclusive); and
(b) have suffered loss or damage by or resulting from the conduct alleged against TWE in the class action.

You are not eligible to participate if you are or were a director or officer, a close associate, a related party, a related body corporate, or an associated entity of TWE as defined in the Corporations Act 2001 (Cth) or a Chief Justice, Justice or Registrar of the High Court of Australia or the Supreme Court of Victoria. 

During the online registration process, you will need to provide the following details:

  • your address and an email address, which you check regularly;
  • the name of the registered owner of the shares (the claimant), along with relevant 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 TWE securities that the claimant held at the open of trading on 30 June 2018 (10AM AEDT);
    - the date, quantity and price of the claimant’s TWE securities purchases and sales from the commencement of trading on 30 June 2018 to 25 February 2020 (inclusive). 

Tip: When you are completing the online registration form, please be aware that certain fields have a pop-up help box which explains the information you will need to enter.

Mandatory fields are marked with an asterisk (*), an error notification will appear for invalid data entered or required fields left blank.

You can sign up on your own behalf or on behalf of someone who has given you authority to do so.

Group members (including both Registered Group Members and unregistered group members) are not, and will not be, liable for any legal costs out of their own pocket by remaining in the TWE shareholder class action.

If the class action is unsuccessful, group members will not be liable to pay any costs.

If the class action is successful (that is, if any compensation is recovered from TWE by settlement or judgment), any legal costs that are payable to the lawyers for the joint plaintiffs will be deducted from, and will not exceed, the amount of compensation that is recovered for group members.

This position will not change, even if there are changes in the way that the TWE shareholder class action is being funded.

No. Eligibility is not determined by whether or not you still hold shares in TWE. As long as you acquired an interest in TWE shares during the claim period you are eligible to register to participate in the Treasury Wine Estates Class Action.

It is difficult at this stage to predict how much you will ultimately recover as a result of losses that may have been suffered in relation to TWE shareholdings.

Assuming the defendant is found to have breached the Corporations Act 2001 (CTH) and/or other laws which caused the loss claimed, the size of your claim will depend on how the Court assesses your loss.

The methodology that a Court may ultimately adopt when assessing your loss is not fully settled in Australian law, and may depend on the evidence you are able to give. It may, for example, be the difference between the amount you paid for the TWE shares and the amount you received when you sold them (or the value of the TWE shares you still hold).

Alternatively, loss might be assessed on the basis of the difference between the price you paid for the shares and their true or real value at the time of purchase (that is, the price you paid for the shares was inflated). There are also other methodologies that a Court might adopt. 

If you are an institutional investor and wish to register, please contact Maurice Blackburn by email at to provide your contact details and receive an Institutional Investor Claim Package. 

Australian leaders in class actions.

Our reputation for excellence in class actions is unparalleled, having recovered more than $4.2 billion for clients.
We are the only Australian class actions firm to deliver $100m+ settlements to clients in shareholder and listed securities actions, which we have done on ten occasions.  

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We have lawyers who specialise in a range of legal claims who travel to Australian Capital Territory. If you need a lawyer in Canberra or elsewhere in Australian Capital Territory, please call us on 1800 675 346.

We have lawyers who specialise in a range of legal claims who travel to Tasmania. If you need a lawyer in Hobart, Launceston or elsewhere in Tasmania, please call us on 1800 675 346.