Woolworths facing potential class action

Retail giant Woolworths could face a $100 million shareholder class action for allegedly failing to properly inform investors it would not meet its profit growth forecasts in the 2014-15 financial year.

Maurice Blackburn lawyers are calling for aggrieved shareholders to join the potential legal action, accusing Woolworths of breaching the Corporations Act.

Principal lawyer on the action, Andrew Watson, alleges Woolworths knew it was significantly behind on its profit projections as early as October 2014 but maintained its guidance until it reported half-year earnings in February 2015.


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Total Shareholder Return as at 30/06/16

1 year TSR5 year TSR
284thBHP Billiton47%-1%
447thRio Tinto12%-1%
536thNational Australia Bank-0%12%
567thCommonwealth Bank-7%14%
706 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar


2nd-Rio Tinto$49,225.3m
3rd↓BHP Billiton$42,224.6m
4th-National Australia Bank$27,213.0m
5th-Commonwealth Bank$27,005.0m
77 listed non wa companies ranked by revenue.
Source: Morningstar

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