ASX Shareholder Claims

Two class action proceedings.
Current Status

On 19 June 2020, Justice Lee ordered that the Quinn Emanuel Proceeding and the Maurice Blackburn Proceeding be case managed together.

Quinn Emanuel Proceeding:
Registry

NSW Registry, Federal Court of Australia (NSD340/2020).

Date of Filing

23 March 2020.

File Title

CJMCG Pty Ltd as trustee for the CJMCG Superannuation Fund v Boral Limited.

Presiding Judge

Justice Lee.

Solicitors for Applicant

Quinn Emanuel Urquhart & Sullivan

Solicitors for Respondent

Herbert Smith Freehills.

Funder

Regency Group.

Claim Overview

The class action concerns Boral’s announcement on 5 December 2019 that it had identified operational issues and ‘financial irregularities’ in its North American Windows business, involving misreporting in relation to inventory levels, raw material and labour costs. This resulted in a one-off earning “write-down” of $44 million, which had not been factored in Boral’s FY2020 guidance update to investors on 6 November 2019.

Class Members

Shareholders who acquired BLD shares in the period from 15 September 2017 to 5 December 2019.

Capacity to Join

Open.

Maurice Blackburn Proceeding:
Registry

NSW Registry, Federal Court of Australia (NSD602/2020).

Date of Filing

28 May 2020.

File Title

Andrew Parkin v Boral Limited.

Presiding Judge

Justice Lee.

Solicitors for Applicant

Maurice Blackburn.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

Claim Overview

The claim alleges that Boral Limited breached its continuous disclosure obligations, and engaged in misleading or deceptive conduct.

The class action concerns Boral’s announcements on 5 December 2019 and 10 February 2020 that it had identified ‘financial irregularities’ in its North American Windows business, involving misreporting including in relation to inventory levels, raw material and labour costs.

Class Members

Shareholders who acquired BLD shares in the period from 30 August 2017 to 10 February 2020.

Capacity to Join

Open.