Treasury Wine Estates Limited

The class action by shareholders against Treasury Wine Estates Limited (TWE) concerns allegations that the company caused loss and damage to affected shareholders by:

failing to disclose material information concerning the amount of excess inventory held by TWE's US distributors during the Relevant Period for the claims (17 August 2012 to 15 July 2013);
failing to have a reasonable basis for guidance TWE issued to the market during the Relevant Period concerning projected depletions (i.e. sales of TWE wine by distributors in excess of their purchases of TWE wine) and TWE's earnings growth rates for FY2013 and FY2014; and
making misleading statements in relation to its US distributors' inventory levels, its expected financial performance for FY2013 and FY2014 and its compliance with the ASX Listing Rules, in the Relevant Period.

Current Stage of Case

The proceedings have been settled by the parties for $49m inclusive of costs and interest, with no admission of liability by TWE. The settlement was approved by the Federal Court on 10 November 2017

Proceedings

Court: Federal Court of Australia, Sydney
Plaintiff/Applicant: Mr Brian Jones
Defendant/Respondent: Treasury Wine Estates Limited

Contact Details

Omni Bridgeway Client Liaison Team
1800 016 464
[email protected]