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

Investment Manager

Wayne Attrill

Contact Details

IMF Client Liaison Team
1800 016 464
[email protected]