The High Court has agreed to halt a local class action against A2 Milk over alleged misleading and deceptive conduct and breach of stock exchange rules on continuous disclosure. The High Court has ruled the New Zealand hearing should be suspended until similar cases in Australia regarding the same statements have been settled. Justice Edwards says the Australian court has jurisdiction to determine the dispute and was the more appropriate court to determine the matters in issue. A2 Milk faces two class actions in Victoria from disgruntled shareholders over a series of earnings downgrades in late 2020 and early 2021, which the company said were caused by a Covid-related slide in sales in its key market, China. The company’s share price slumped by around 70 percent. A2 Milk has denied any liability.
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