James Hardie (JHX) Shareholder Class Action
Echo Law has commenced a class action on behalf of shareholders against James Hardie Industries plc (ASX:JHX, NYSE: JHX) in relation to the Company’s announcement to the ASX on 8 November 2022 that it was downgrading its guidance range for FY23 Adjusted Net Income.
JHX’s share price declined by approximately 14% in response to the downgrade.
Claim Period
The class action has been brought on behalf of persons that acquired:
JHX securities on the ASX;
American Depositary Receipts on the NYSE; or
long exposure to JHX shares by entering into equity swap confirmations,
between 7 February 2022 and 7 November 2022 (inclusive).
Allegations
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, causing the share price to decline by $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.
Participation
If you purchased JHX shares between 7 February 2022 and 7 November 2022 (inclusive), you can register for the claim by clicking the “Register Now” button below. You will also receive regular updates from Echo Law about the progress of the class action if you register your claim now.
The claim has been issued on an open class basis. This means that if you purchased shares during the period 7 February 2022 – 7 November 2022 (inclusive), you will automatically be a group member in the class action.
Courts usually require group members to take an active step at some point during the proceeding in order to register their claims for any compensation that may become payable. Registering now means that we will facilitate that process for you.
Costs
There is no out of pocket cost to participate in the claim.
Echo Law is proposing to act on behalf of group members on the basis that a Group Costs Order will be sought. A Group Costs Order is an order that can be made by the Supreme Court of Victoria, which means that the legal costs payable to the law practice representing the group members be calculated as a percentage of any award or settlement that may be recovered in the proceeding.
In no circumstances will group members ever be out of pocket by participating in the class action – whether the case is successful or unsuccessful.
Enquiries
You can review the Group Proceeding and Funding Information Summary Statement here.
If you acquired JHX shares between 7 February 2022 and 7 November 2022 and wish to register for the class action, you can do so by clicking the ‘Register Now’ button above.
You can also contact Echo Law to discuss the class action by sending an email to enquiries@echolaw.com.au or calling Echo Law on (03) 7046 3565.