a2 Milk Group Proceeding (Class Action)

A group proceeding brought on behalf of certain persons who purchased shares in the defendant (The a2 Milk Company Ltd) on the Australian Stock Exchange or the New Zealand Stock Exchange between 19 August 2020 and 9 May 2021 (inclusive), or who acquired an interest in shares in The a2 Milk Company Ltd before 19 August 2020 and retained that interest until after 28 September 2020. It is alleged that The a2 Milk Company Ltd made misleading disclosures and failed to comply with its continuous disclosure obligations, resulting in loss to group members in connection with the share price of The a2 Milk Company.

The proceeding is a consolidated proceeding. Prior to consolidation, the two lead plaintiffs were each the lead plaintiff of a separate proceeding, being S ECI 2021 03645 (the Thomas Proceeding), and S ECI 2021 04403 (the Xiao Proceeding). The proceedings were consolidated on 15 June 2022.

On 28 November 2022, Justice Button handed down reasons addressing certain separate questions regarding the ability of the Court to hear claims under New Zealand law and grant relief in respect of those claims.

IMPORTANT INFORMATION ABOUT REGISTRATION AND OPTING OUT

If you are, or you think that you may be a group member, you should read the documents below carefully. The Notice (a copy of which is below) contains important information about your rights to: 

(1) register your claim in the proceeding
(2) do nothing; or
(3) opt out of the proceeding.

Notice to Group Members

In summary, if you fall within the definition of a group member, you have three options:

OPTION 1 - REGISTER

In order to be eligible to receive any compensation if there is a settlement reached before the first day of trial, you must register for the class action by 4:00pm on 3 October 2025 (AEST). 

To register, you must either:

• complete the online registration process available at: https://a2milkshareholderclassaction.shine.com.au/Registration; or
• complete and submit a Group Member Registration Form found at Annexure A of the Notice.

OPTION 2 – DO NOTHING

You may do nothing and remain a group member in the class action but, subject to further order of the Court, you will not be permitted to participate in any settlement reached between the parties before the first day of trial. For further information about this option please refer to Option 2 of the Notice below.

OPTION 3 - OPT OUT

If you do not want your rights determined by the class action, you must opt out of the class action by 4:00pm on 3 October 2025 (AEST). If you opt out, your claim will not be resolved as part of the A2 Milk Class Action, but you may pursue such rights as you may have independently.

To opt out, you must either:

• submit the required information in the Online Opt Out Notice; or
• complete the Opt Out Form found at Annexure B of the Notice and return a completed copy directly to the Registry of the Supreme Court of Victoria via email or post to the addresses on the notice. 

The definition of a "group member" is set out in the Notice.

Order of the Honourable M Osborne J made 21 June 2024
Order of the Honourable M Osborne J made 18 August 2025