A consolidated class action’s bid to include claims concerning dairy company a2 Milk’s disclosures to the New Zealand stock exchange is in doubt, despite broad agreement between the parties that the claims can be pursued in Victoria.
A judge has allowed two law firms to jointly run a consolidated shareholder class action against dairy company a2 Milk, saying the arrangement was in the interests of group members and was “not novel”.
a2 Milk is facing a shareholder class action in New Zealand on behalf of investors who allegedly suffered loss when the company’s share price plummeted on the heels of a revised outlook for the 2021 financial year amid challenges in the Chinese market.
Law firms running competing shareholder class actions against a2 Milk appear to have reached agreement to join forces, with a court order Thursday scrapping a contest to determine which case would proceed alone.