Treasury Wine Estates (Australia)
Labaton Sucharow serves as liaison counsel in this Australian action against Treasury Wine Estates Limited (TWE), a wine producer and supplier in Australia, the United States, and other world markets. The action alleges that TWE failed to timely disclose to the market write-downs that could affect its share price.
On July 15, 2013, TWE announced writedowns of AUD 190 million due to the excess inventory arising in TWE’s Americas segment. In reaction, TWE’s share price declined 17 percent. On August 22, 2013, TWE confirmed the write-downs and reported that its U.S. distribution partners had approximately 3 million cases in excess stock. In response, TWE’s share price fell an additional 5 percent.
The action was filed in July 2014 and is being prosecuted by Maurice Blackburn Lawyers. Discovery is ongoing. The parties have agreed on a timetable for discovery and mediation through mid-2017, and will be filing a stipulation and proposed order with the court in the near future.