Shareholder Class Action – Fletcher Building

A shareholder class action has been commenced against Fletcher Building Limited (Fletcher) in the Supreme Court of Victoria.

The action is being conducted by Mayweathers Lawyers, on behalf of investors who held ASX-listed (ASX Code: FBU) and NZX-listed (NZX Code: FBU) FBU shares.

CASL is providing funding for the costs of pursuing the action.

The class action alleges that Fletcher engaged in unlawful conduct that misled the ASX and NZX markets by announcing, maintaining and revising EBIT guidance for FY17 and FY18 that didn’t reflect the full extent of losses within the company’s Building + Interiors (B+I) business unit.

We consider that investors who acquired and held ASX-traded or NZX-traded FBU shares during the Relevant Period have suffered loss as a result of this alleged unlawful conduct, and have a reasonable basis to seek to recover their losses from Fletcher.

Investors who acquired ASX-traded or NZX-traded FBU shares during the Relevant Period, being 17 August 2016 to 24 October 2017 (inclusive) are eligible to participate in this class action.

Case Status

The Court has not yet set a deadline for Group Members to register or opt-out of the proceeding.