Background
On 13 August 2026, Slater and Gordon, on the instruction of the lead plaintiff, filed a shareholder class action in the Supreme Court of Victoria against James Hardie Industries plc (ASX:JHX) (James Hardie).
The class action is brought on behalf of investors who it is alleged suffered financial loss after buying James Hardie shares between 21 May 2025 and 19 August 2025 (inclusive).
If you purchased shares in James Hardie at any point between 21 May 2025 and 19 August 2025 (inclusive), as listed on the Australian Securities Exchange (ASX), you may be a group member in this class action and can register your interest via the above link.
Details of the claim
On 21 May 2025, James Hardie provided its FY26 guidance to the market via an announcement to the ASX. Specifically, it is alleged that the guidance contained statements that James Hardie would achieve:
North America net sales growth of low single digits;
North America EBITDA margin of ~35%; and
Total Adjusted EBITDA growth of low single digits.
On 20 August 2025, James Hardie downgraded its FY26 guidance. Following that release, James Hardie’s share price declined by approximately 34%, wiping billions of dollars from its market capitalisation.
The class action alleges that, in relation to its FY26 guidance, James Hardie engaged in misleading or deceptive conduct and/or breached its continuous disclosure obligations as an ASX-listed company, in contravention of relevant sections of the Corporations Act 2001 (Cth), ASIC Act 2021 (Cth), the ASX Listing Rules, and Australian Consumer Law.
The class action further alleges that investors who purchased James Hardie shares between 21 May 2025 and 19 August 2025 (inclusive) suffered loss or damage, because had James Hardie complied with its legal obligations, those investors would not have purchased James Hardie shares at the prices and in the volumes they did, or in some cases, would not have purchased the shares at all.
Group Members
If you purchased James Hardie shares, as listed on the ASX, between 21 May 2025 and 19 August 2025 (inclusive), you may be eligible to participate in the class action.
If you would like to be updated on the progress of the class action, you can register your interest here:
The form will ask you to provide:
details of the date, volume and price of all acquisitions (purchases) and disposals (sales) of James Hardie shares between 21 May 2025 and 19 August 2025 (inclusive);
the number of shares you already held at the start of trade on 21 May 2025; and
documentary evidence of those transactions.
There will never be any out-of-pocket costs associated with your participation in the class action.
Funding and legal costs
Slater and Gordon is acting on the basis that the lead plaintiff will seek a group costs order, pursuant to which:
Slater and Gordon’s legal costs would be calculated as a percentage of the amount of any damages award or settlement that may be recovered in the group proceeding;
the group costs order and relevant percentage would be subject to approval by the Court before those costs were paid;
the liability for that payment would be shared by the lead plaintiff and all group members in the group proceeding;
Slater and Gordon would be liable for any costs payable to the defendant in the proceeding that the Court may order; and
if an order is made by the Court that security for costs be provided to the defendant, Slater and Gordon will provide this security.
The percentage paid under a group costs order is determined by the Court and the Court would have the power to adjust the percentage at any time over the course of the group proceeding, including following a successful outcome.
Under no circumstances will group members face any out-of-pocket costs in relation to the class action, whether the case is successful or not.
Frequently Asked Questions
A class action (also called a group proceeding) is a type of legal claim, where one person files a claim with the Court as the representative on behalf of people who have been affected or claims that arise out of the same, similar or related circumstances.
It is a way of hearing related claims together that is efficient and cost-effective for all the affected parties and the Court, because of how similar those claims are.
You may register your interest if you purchased James Hardie shares between 21 May 2025 and 19 August 2025 (inclusive) here.
By registering your interest, you are asking Slater and Gordon to:
provide you with updated information in relation to the class action; and
assist you with any future Court-ordered registration process required to formally secure your claim for any compensation obtained in the class action.
You will not be exposed to any out-of-pocket expenses, ever.
By registering your interest, you are asking Slater and Gordon to:
provide you with updated information in relation to the class action; and
assist you with any future Court-ordered registration process required to formally secure your claim for any compensation obtained in the class action.
If you cannot locate your supporting documentation, we suggest you contact James Hardie’s share registry provider, Computershare Registry Services Pty Ltd at 1300 850 505 (Australia) or +61 (0)3 9415 4000 (overseas).
You will not be exposed to any out-of-pocket costs as a result of your participation in the class action.
Slater and Gordon is acting on the basis that the lead plaintiff will seek a group costs order, pursuant to which Slater and Gordon’s legal costs would be calculated as a percentage of the amount of any damages award or settlement that may be recovered in the group proceeding. The group costs order would be subject to the approval of the Court.
Generally, most class actions tend to take between three and five years to resolve, although each class action is different and the time required for each class action will vary.
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