News: JHX UPDATE 1-James Hardie sued over alleged disclosure obligations breach

(Adds details of class action, comments, background, and share moves)

May 11 (Reuters) - James Hardie Industries (JHX) said on Thursday it will defend a proceeding brought by a group in Australia's Supreme Court, alleging that the company breached some disclosure obligations on statements it made about its performance outlook last year.

The top fibre cement maker said the class action was brought on behalf of persons who acquired a stake in the company between Feb. 7, 2022 and Nov. 7, 2022 — the period when the forward-looking statements were made.

James Hardie "considers that it has at all times complied with its disclosure obligations...and will vigorously defend the proceedings."

The Dublin-based company has cut its forecast thrice since mid-August last year, as its margins took a hit from soaring operating costs and a cooling property market globally.

The firm on Feb. 14 downgraded it adjusted net operating income forecast between $600 million and $620 million for fiscal 2023, down from an initial target between $740 million to $820 million.

On Thursday, James Hardie shares were down about 1% in early trade, against a 0.1% broader decline.