Court House Capital is backing a new shareholder class action in New Zealand against The a2 Milk Company Limited (a2 Milk) for allegedly making misleading statements and for breaches of continuous disclosure obligations.
It is alleged that as a result of a2’s misleading or deceptive forecasts and its failure to withdraw or correct them in a timely manner, shareholders were not given accurate information about the company’s ability to meet its revenue forecasts, which hindered their ability to make informed decisions as to whether to purchase, retain or sell shares in a2 Milk, and they suffered losses as a result of the significant decline in value of a2 Milk shares between August 2020 and May 2021.
The claim has been filed in the Auckland High Court. It is structured as an opt-in class action, and Court House Capital reports that a significant number of shareholders have already joined the action.
This is the third class action against a2 Milk. Two similar class actions were launched against the company in Australia last year.
The legal team consists of:
- Philip Skelton, QC
- Thorn Law; and
- Gilligan Rowe