Arab Today, arab today lawsuit after 6m bottles of aussie wine down drain
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

Lawsuit after 6m bottles of Aussie wine down drain

Arab Today, arab today

Arab Today, arab today Lawsuit after 6m bottles of Aussie wine down drain

Sydney - AFP

Global drinks giant Treasury Wine Estates was Monday facing a class-action lawsuit from Australian shareholders after oversupply issues forced six million bottles of wine to be poured down the drain. Law firm Maurice Blackburn and class action funder IMF Australia said they were preparing a shareholder lawsuit against Treasury, the wine business spun off from Australian beverages titan Foster\'s in 2011. The glut-hit wine company, which owns major brands including Penfolds, Rosemount Estate and Wolf Blass, shocked the market in July when it unveiled Aus$160 million (US$154 million) in writ downs related to oversupply problems in the United States. \"The impairment included a Aus$33 million provision to pour six million bottles of out-of-date wine down the drain,\" IMF said in a joint statement with Maurice Blackburn. The class-action suit, which has yet to be formally filed, will allege that Treasury failed to keep shareholders adequately informed of the overstocking of its US distributors and the potential financial impact. When the full extent of the problem of \"old and aged\" stock was unveiled in July, IMF said shareholders lost millions of dollars. \"We allege that the market was not told that the US distributor inventory levels of some brands were so high that Treasury Wines was at risk of having to destroy excess stock or give rebates or discounts to the distributors for excess, aged and deteriorating inventory,\" said IMF investment manager Simon Dluzniak. \"By not disclosing the possibility of a material write-down when we allege it should have, the company caused shareholders to suffer financial loss.\" As early as August 2012, almost a full year before disclosing the writedowns to the market, Maurice Blackburn principal Ben Slade said Treasury \"knew or should have known\" that large losses were inevitable. Instead, Treasury \"projected earnings growth when it must have been able to work out that massive writedowns were on the horizon,\" Slade said. Treasury issued a statement to the Australian stock exchange noting IMF\'s lawsuit announcement and that \"no proceedings have been served against the company at this time\". \"TWE strongly denies any allegations of wrongdoing and will defend any class action proceedings vigorously,\" it said. Treasury was spun off from Foster\'s beer business after a production glut and the Australian dollar\'s historic run above parity against the greenback hit its export business. Discussing the July writedown at this month\'s Treasury AGM, chief executive Warwick Every-Burns said particularly challenging conditions in the US had seen annual net profit slump 52.9 percent to Aus$42.3 million, despite earnings growth in every region except the Americas.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lawsuit after 6m bottles of aussie wine down drain Arab Today, arab today lawsuit after 6m bottles of aussie wine down drain

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lawsuit after 6m bottles of aussie wine down drain Arab Today, arab today lawsuit after 6m bottles of aussie wine down drain

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday