Sept 29 (Reuters) – Australian hearing implant maker Cochlear said on Tuesday it has been served with a shareholder class action in the Supreme Court of Victoria over its fiscal 2026 underlying net profit forecast.
The company has denied the allegations outlined in the claim, and said it would defend the proceedings.
Here are some details:
• On April 22, Cochlear slashed its 2026 underlying net profit forecast to A$290 million to A$330 million, citing weak trading conditions and uncertainty stoked by the Middle East war.
• The cut had then triggered a 40.7% plunge in Cochlear shares.
• Before the forecast cut, the company had reiterated that profit was tracking toward the lower end of its A$435 million-A$460 million range.
• The claim was brought on behalf of investors who acquired interests in Cochlear shares between August 15, 2025 and April 21, 2026, the company said.
• Cochlear did not immediately respond to a Reuters request seeking details of the allegations.
• In mid-August, Sydney-based Cochlear reported underlying net profit of A$322.4 million for 2026.
($1 = 1.4255 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Shilpi Majumdar)
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