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Important update about registration and opt out 

The Supreme Court of Victoria ordered that group members in the Treasury Wine Estates Shareholder class action were to register or opt out by the prescribed deadline of 20 December 2023. We are unable to accept registrations to participate once the registration deadline has passed.

If you did not register prior to the above deadline, you will not be eligible to receive compensation if the class action settles at the upcoming mediation, unless the Court makes further orders permitting you to do so.

We are still encouraging group members to ‘record their interest’ with us to be notified of updates in the case, including if it does not settle at the upcoming mediation, or if the Court makes further orders about participation.

Please note there are no guarantees regarding the Court’s orders about your participation. However, having your details on hand will mean we will be able to contact you in these circumstances. 

Group members can record their interest by providing the following information via email to:

  • Full name of contact
  • Email address
  • Mobile number
  • Name of registered owner of shares
  • HIN/SRN/Reference number
  • The number of fully paid, ordinary TWE shares held by the Group Member at the commencement of trading on 30 June 2018
  • For each acquisition of shares during the period 30 June 2018 to 25 February 2020:
    • The date of the acquisition
    • The quantity of fully paid ordinary TWE shares acquired
    • The share price ($AUD)
    • Brokerage
  • For each disposal of shares during the period 30 June 2018 to 25 February 2020:
    • The date of the disposal
    • The quantity of fully paid ordinary TWE shares disposed of
    • The share price ($AUD)
    • Brokerage

Please note that sending this information does not mean you are registered in the Treasury Wine Estates Shareholder Class Action. The deadline to register for this class action has passed, and sending this information constitutes your record of interest.

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

If you have already registered before the deadlines listed above, there is nothing further you need to do. We will be in contact with any key updates in the class action, including the outcome of the upcoming mediation.  

Key dates

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, 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.

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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.

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