Class action filed against NZ’s a2 Milk By Reuters

(Reuters) – A2 Milk Co Ltd said on Wednesday Australian law firm Slater and Gordon has filed a class action lawsuit against the dairy company on behalf of investors who bought its shares over nine months during which it posted multiple earnings downgrades.

The lawsuit, which was filed in the Supreme Court of Victoria, comes months after media reports concerning a potential class action by the law firm.

Slater & Gordon did not immediately respond to a request for comment.

New Zealand’s a2 Milk, which has lost nearly half its value since December, denied any liabilities and said it would “vigorously” defend the proceedings.

After reporting a near 80% plunge in annual profit in August, the company had said it planned to double down on the supply of its products to top consumer China.

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