Maurice Blackburn investigates shareholder class action against James Hardie following sharp share price fall

21 April 2026

James Hardie shares fell more than 34 per cent over two trading days on 20 and 21 August 2025, dropping from $44.34 to $28.98, after the company disclosed weaker‑than‑expected Q1 FY26 performance and materially reduced its FY26 outlook. In the aftermath of the announcement, financial analysts significantly cut their price targets for the stock.

The investigation concerns whether James Hardie engaged in misleading or deceptive conduct and/or breached its continuous disclosure obligations under the Corporations Act 2001 (Cth) and the ASX Listing Rules.

On 21 May 2025, James Hardie reported its FY25 results and issued FY26 guidance forecasting organic sales and EBITDA growth across all regions.

However, on 20 August 2025, the company released Q1 FY26 results that fell well short of market expectations and significantly downgraded its full‑year guidance. Compared with the first quarter of FY25, James Hardie disclosed that:

• net sales were down 9%
• adjusted EBITDA was down 21%
• adjusted net income was down 29%; and
• adjusted earnings per share (EPS) was down 28%.

James Hardie attributed the weaker performance to customer destocking, channel inventory management and soft market demand, particularly in its North American Fiber Cement segment.

Maurice Blackburn’s investigation is examining whether James Hardie failed, prior to 20 August 2025, to properly inform the market of material issues affecting this segment, including whether the company should have:

• corrected market consensus regarding its expected Q1 FY26 results; and
• withdrawn or corrected its FY26 guidance.

Maurice Blackburn Principal Steven Foale said the investigation aims to determine whether shareholders were denied information they were legally entitled to receive before the sharp downgrade.

“Shareholders are entitled to rely on accurate and timely information when making investment decisions,” Mr Foale said.

“When a company fails to disclose material matters that affect its financial performance, the resulting market correction can cause substantial losses for ordinary investors.”

“Class actions play an important role in promoting market integrity by allowing shareholders to seek redress collectively. They ensure accountability, level the playing field between investors and large corporations, and provide an efficient and cost‑effective way for shareholders to pursue compensation that would be impractical to recover individually.”

Maurice Blackburn encourages shareholders to register their interest if they acquired an interest in James Hardie shares between 21 May 2025 and 19 August 2025 (inclusive).

Registration ensures shareholders receive important updates and are notified of any steps required to participate should a class action proceed.

There is no cost to register, and shareholders will never be asked to pay any legal costs out of their own pocket.