James Hardie faces another class action over disclosures, earnings forecasts
JHX•Class action targets fiscal 2026 guidance disclosures
Law firm Slater and Gordon said on Monday it had filed a class action against James Hardie Industries JHX.AX in an Australian court to seek compensation for investor losses linked to the company's fiscal 2026 earnings forecast and market disclosures.
The latest suit, which also alleges that the fiber cement maker's conduct artificially inflated its share price, follows a separate action filed months ago that said the company failed to disclose adverse conditions in its North America business.
Slater and Gordon said it began court proceedings for investors who bought James Hardie shares between May 21, 2025, when the company filed a guidance disclosure, and August 19 2025, a day before the company provided downbeat forecasts that sent shares tumbling 35% over two days.
Analyst says investors remain discontent after AZEK deal
James Hardie did not respond to a Reuters request for comment. Its shares in Australia ended 0.2% down on Monday.
"The class action sends a signal that Australian investors are still discontent, as they have been since the AZEK acquisition when they were excluded from voting on the deal," said Esther Holloway, an equity analyst at Morningstar, referring to its $8.8-billion takeover of U.S. building products group AZEK.
The acquisition, for which James Hardie had a waiver freeing it from holding a shareholders' vote on the deal, also caused uproar among investors based in Australia and caused an overhaul of the board.
"When companies fail to disclose information that has a material impact on investors, it undermines confidence in our continuous disclosure regime and in the market itself," said Slater and Gordon Class Actions Practice Group Leader Kirsten Morrison.
