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Class action filed against NZ’s a2 Milk By Reuters


© Reuters. FILE PHOTO – A2 milk can be seen in a Singapore supermarket on April 16, 2018, 2018. Picture taken April 16, 2018. REUTERS/Thomas White/File photo/File photo

(Reuters] A2 Milk Co Ltd stated Wednesday that an Australian law firm Slater and Gordon had filed a class-action lawsuit against the dairy giant on behalf investors who bought shares of its stock over nine months. During this period, it suffered multiple earnings downgrades.

This lawsuit was filed at the Supreme Court of Victoria months after media reports about a possible class action being brought by the law firm.

Slater & Gordon did not immediately respond to a request for comment.

New Zealand’s dairy a2 milk, which lost almost half of its value in December, denies any liability and says it will “vigorously defend” the proceedings.

The company reported a nearly 80% drop in its annual profits in August. It had previously stated that it would double the amount of products supplied to China’s top consumer.

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