Shareholder Class Action – James Hardie

A shareholder class action has been commenced against James Hardie Industries plc (ASX:JHX, NYSE: JHX) (“James Hardie”) by Echo Law on behalf of investors who acquired any of the following over the period 7 February 2022 and 7 November 2022 (inclusive):

1. shares in James Hardie as listed on the ASX;
2. American Depositary Receipts in James Hardie as listed on the NYSE; or
3. long exposure to James Hardie shares by entering into equity swap confirmations in respect of James Hardie shares.

CASL has a funding arrangement with Echo Law that facilitates the firm’s work on this action.

Claim Overview

On 7 February 2022, James Hardie provided guidance to the market for FY23 Adjusted Net Income (ANI) of $740m – $820m. On 16 August 2022 this was revised downward to $730m – $780m, which nonetheless amounted to growth on FY22 of 18% to 26%.

On 8 November 2022 the Company disclosed that it expected FY23 ANI to be in the range of $650m – $710m, followed by a decline in the share price of $4.58 or ~14%.

The proceeding alleges that, between 7 February 2022 and 7 November 2022, JHX engaged in misleading or deceptive conduct, made misleading statements, and breached its obligations of continuous disclosure to the market in relation to the representations made about its expected growth, and information withheld about its likely FY23 performance.

Further information on the claim and how to participate can be found here.

Photo courtesy Lowes.com