.
Treasury Wine Estates Limited (ASX:TWE) has vowed to vigorously defend an investor class action backed by litigation funder Bentham IMF Limited (ASX:IMF).
Australia’s largest listed wine maker has been served with the action from Maurice Blackburn Lawyers on behalf of more than 600 shareholders.
The action relates to a $190 million write-down last year and alleges Treasury Wine misled investors and breached its continuous disclosure obligations.
Maurice Blackburn advises the write-down also included a $33 million provision to pour six million bottles of out of date wine down the drain.
The law firm says shareholders lost millions of dollars when the company revealed the full extent of the problem in July 2013.
Treasury Wine says it strongly denies any allegations against it and will vigorously defend the legal proceeding.
Treasury Wine Estates reported a net profit of $107 million in the first half of the 2014 financial year.
(20min delay)