(Updates with details on lawsuit in paragraphs 2-6)
Aug 10 (Reuters) - Australian glove maker Ansell Ltd (ANN) said on Thursday it was served with a shareholder class action lawsuit by Slater & Gordon, alleging failure to comply with disclosure obligations as well as engaging in misleading and deceptive conduct.
Law firm Slater & Gordon filed the lawsuit in the Supreme Court of Victoria on behalf of shareholders who bought Ansell shares between Aug. 24, 2021 and Jan. 28, 2022, the company said.
Slater & Gordon alleged that Ansell misled shareholders and failed to comply with disclosure obligations when it downgraded its fiscal 2022 earnings per share (EPS) expectations on Jan. 31 of up to $1.45 per share.
Ansell had in August and November 2021 forecast FY22 EPS of up to $1.95 apiece.
The law firm on its website alleged that because of this failure of disclosure, "members paid more for shares in Ansell than would have been the case had the company complied with its obligations".
Ansell shares tanked 14.3% on Jan. 31, 2022 after the announcement was made. Since Aug. 24, 2021, when the glove maker announced its fiscal 2021 results, shares lost around 34% until January-end 2022.
The glove maker denied any liability and said it will vigorously defend the claim. (([email protected]; Twitter: https://twitter.com/sameer_manekar))
News: ANN UPDATE 1-Aussie glove maker Ansell faces lawsuit over disclosure failure
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