Shareholder Class Action – James Hardie

A shareholder class action has been commenced against James Hardie Industries plc (ASX:JHX, NYSE: JHX) (“James Hardie”).

The action is being conducted by Echo Law on behalf of investors who acquired an interest in ASX-listed JHX shares, American Depositary Receipts on the NYSE.

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

(Photo courtesy Lowes.com)

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, 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.

Class Members

Investors who acquired an interest in JHX shares during the Relevant Period, being 7 February 2022 to 7 November 2022 (inclusive), may be eligible to participate in this class action.

I think I have a claim. How do I participate in the proposed class action?

Click on the “REGISTER” button below to register your expression of interest with Echo Law and to receive further information about the class action, including:

• how to participate; and
• updates about the progress of the class action.

By registering your expression of interest, you are indicating your interest in receiving further information about the class action. Registering your interest does not create any obligation to participate in the litigation.