The Claim

The class action concerns Boral’s announcement on 5 December 2019 that it had identified operational issues and "financial irregularities" in its North American Windows business, involving misreporting in relation to its inventory levels, raw material and labour costs, which resulted in a one-off, earnings "write-down" of $A44 million.

Boral advised that the "write-down” had not been factored into its FY2020 guidance update to investors on 6 November 2019. Following these announcements, Boral’s share price fell materially.