James Hardie to ‘vigorously defend’ shareholder class action
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The news: James Hardie has been served with a class action lawsuit by shareholders who claim the building materials group breached the Corporations Act over financial forecasts issued in 2025.
The context: The group proceeding, filed in the Supreme Court of Victoria, alleges that certain forward-looking statements made by James Hardie in relation to forecasted financial performance between 21 May 2025 and 19 August 2025 breached provisions of the Corporations Act, the Australian Securities Investments Commission Act and the Australian Consumer Law.
The group proceeding is being brought on behalf of shareholders who invested during that period.
James Hardie said it “has at all times complied with its disclosure obligations, denies any liability and will vigorously defend the proceedings”.
The company’s shares tanked on the day of its first-quarter results on 19 August (US time), during which it also slashed its full-year guidance.
The source: ASX
