Shareholders may sue Treasury Wine over U.S. inventory impairment
(Reuters) - Australia's Treasury Wine Estates Ltd (TWE.AX) is facing a potential class action lawsuit from shareholders over the ditching of aged U.S. inventory.
The litigation financing firm and Maurice Blackburn, a law firm, said Treasury Wine should have disclosed the impairment much earlier and had misled the market.
Treasury Wine, the maker of Penfolds, Beringer and Wolf Blass wines, said in July it would destroy some of its aged U.S. inventory. That resulted in a pre-tax material item charge of $154.3 million for 2013, and the company said it would impact fiscal 2014 operating earnings by up to $30 million.
Full News at Source - Reuters
