Treasury Wine Estates says it has been sued in Supreme Court of Victoria by Slater + Gordon on behalf of shareholders who bought shares before it revised its guidance in January.
Treasury Wine Estate shares lost 26 per cent of their value on January 29, after the company said a glut of surplus wine in the United States meant it only expected its earnings to grow by five to 10 per cent, rather than the previously forecast 15 to 20 per cent range.
“The statement of claim includes allegations of contraventions of the Corporations Act in relation to continuous disclosure and the Corporations Act and ASIC Act in relation to misleading or deceptive conduct,” Treasury Wine Estates said in a release on Friday
“TWE strongly denies any and all allegations of wrongdoing and intends to vigorously defend the proceeding.”
The claim was bought by shareholders who bought their shares between February 14, 2019, and January 28, 2020.
Slater + Gordon has been approached for comment.