You web browser may not be properly supported. To use this site and all its features we recommend using the latest versions of Chrome, Safari or Firefox

Slater and Gordon (SGH) are investigating a claim against Treasury Wine Estates Limited (TWE) on behalf of persons that acquired TWE securities prior to a market announcement made late on 28 January 2020.

SGH considers that eligible shareholders may have claims against TWE in relation to losses suffered following the Company’s announcement to the ASX after close of trade on 28 January 2020. In its announcement, TWE disclosed the following in relation to the financial year ended 30 June 2020 (FY20):

  • TWE's earnings before interest, tax, SGARA and material items (EBITS) growth was now expected to be at a rate of 5% to 10%;
  • TWE's Americas division reported a 17% decline in EBITS to $98.3m and an EBITS margin of 16.1%.

(together, the FY20 Downgrade)


On 14 February 2019, TWE released to the ASX a document entitled Interim 2019 Results, in which the company stated that an EBITS growth rate of approximately 15% to 20% was expected for FY20 (the EBITS Growth Representation).

On 15 August 2019, TWE released to the ASX a document entitled 2019 Annual Results Announcement, in which the company:

  • repeated the EBITS Growth Representation;
  • said that group FY20 EBITS result would be delivered by growth in all markets, through continued top line growth and premiumisation as well as ongoing operational efficiency.

(together, the FY20 Guidance)

On 16 October 2019, TWE released to the ASX a copy of the investor presentation and speaking notes from its Annual General Meeting, in which it reaffirmed the FY20 Guidance.

On 28 January 2020, TWE released the FY20 Downgrade.

The market’s reaction to the FY20 Downgrade was substantial, with the price of TWE shares falling by approximately 20% over the following trading days.


On the basis of SGH’s investigations to date, we consider that there is likely to be a reasonable basis to allege that TWE contravened its obligations of continuous disclosure and engaged in misleading or deceptive conduct, breaching relevant provisions of the Corporations Act 2001 (Cth).

Claim Period

Our initial investigations support a claim on behalf of persons who purchased TWE shares between 15 August 2019 and 28 January 2020 inclusive (the Claim Period).

We are currently investigating whether the Claim Period can be extended to commence at an earlier date, potentially back to the date that the EBITS Growth Representation was made. The registration form below therefore asks that you complete information about all transactions in TWE securities between the period 14 February 2019 to 28 January 2020. We will advise registrants of the scope of the proposed claim, once it has been determined.

Funding Arrangements

Slater and Gordon is still considering the available funding options.

However, we can confirm that you will not be exposed to any out of pocket costs as a result of your participation or registration in the claim.


Please complete the form below to register your interest and to receive further information regarding the potential claim and funding arrangements.

If you have any enquiries, please email noting “TWE Class Action” in the subject line and include your contact details.