Solicitors for Applicant
Maurice Blackburn is investigating a potential claim against Treasury Wine Estates Limited (TWE) for breach of continuous disclosure obligations, and misleading and deceptive conduct.
On 14 February 2019, TWE forecast an EBITS growth rate in FY20 of approximately 15% to 20% in its 2019 Interim Results Announcement. TWE then specifically reaffirmed that guidance in its FY19 annual results announced on 15 August 2019, and again in TWE’s CEO’s address to the Annual General Meeting on 16 October 2019.
On 28 January 2020 TWE:
• downgraded its FY20 EBITS growth forecast to 5% to 10%
• reported a decline in the Americas division 1H20 EBITS of over 26% from 1H19 on a constant currency basis.
TWE’s share price dropped approximately 20% over the two trading days following the 28 January 2020 announcement.
Potential Class Members
Maurice Blackburn believes shareholders who purchased TWE shares in the period from 15 August 2019 and 28 January 2020 may have a claim.
Maurice Blackburn will also consider whether the claim period may commence earlier, on 14 February 2019.