Maurice Blackburn Lawyers wins Brambles shareholder class action in landmark outcome for market integrity

13 April 2026

The Federal Court of Australia has delivered judgment in favour of the applicants in Southernwood v Brambles Limited (No 3) [2026] FCA 418, finding that Brambles engaged in misleading or deceptive conduct and breached its continuous disclosure obligations between 16 November 2016 until 23 January 2017. Brambles failed to inform the market of material information that ultimately led to the withdrawal of its sales and underlying profit guidance in FY2017, and resulted in a significant correction in the company’s share price when the true position became known.

Maurice Blackburn Head of Class Actions Rebecca Gilsenan, said the outcome represented an important reaffirmation of accountability in Australia’s public markets.

“In a landmark decision handed down on 10 April 2026, the Federal Court of Australia has held Brambles to account for breaching its continuous disclosure obligations. This marks the first time in Australian legal history that plaintiffs in a shareholder class action have been successful following trial.”

"Maurice Blackburn has a long history of holding corporations to account on behalf of ordinary Australians, and we are proud that this case has delivered a ground-breaking outcome that continues to strengthen corporate governance and affirms the rights of investors in Australian capital markets.”

“This is an important win for shareholders and for market integrity,” Ms Gilsenan said.

“Australia’s financial markets rely on timely, accurate and complete disclosure of material information so investors can make informed decisions. When that disclosure framework is not properly observed, the consequences are real and are borne by everyday people, through their individual shareholdings, their superannuation accounts and other investment vehicles.”

Ms Gilsenan said the result was also significant in the context of a number of recent legal and regulatory developments that had made shareholder class actions increasingly difficult to run.

“This outcome is a welcome correction to a run of decisions and settings that have, in recent years, made it harder for shareholders to enforce their rights in relation to market disclosure, more expensive to fund and more uncertain for investors seeking redress,” she said.

“Class actions are a critical enforcement mechanism. They promote transparency, deterrence and confidence in the market, particularly where regulatory action alone is not sufficient to compensate those who have suffered loss.”

She said the case, , which it conducted jointly with Slater & Gordon,  demonstrated that, despite those challenges, shareholder class actions remain a vital means of holding listed companies to account where disclosure failures cause investor harm.

“It also sends a clear message that shareholders, acting collectively, can still achieve meaningful outcomes — even in an environment where the hurdles to bringing these cases have been raised.”