By James Atkinson

Treasury Wine Estates (TWE) today confirmed it had been served with a shareholder class action filed in the Federal Court of Australia by lawyers Maurice Blackburn.

IMF (Australia) announced its intention to fund a shareholder class action against TWE in October last year

TWE said the proceeding received today names the applicant as Brian Jones, who purchased 1,000 shares in TWE on 21 September 2012 at an average price of $4.76 per share. 

Jones has brought the claim on his own behalf and on the behalf of other shareholders who claim they have also suffered loss or damage because of alleged contraventions by TWE of its continuous disclosure obligations and alleged misleading and deceptive conduct by the company, relating to the performance of its US operations.

"TWE strongly denies any and all allegations against it and will vigorously defend the legal proceeding," the company said.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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