The complaint alleges that James Hardie Industries plc misled investors about the strength of its key North America Fiber Cement segment between May 20 and August 18, 2025. Despite knowing by April and early May that distributors were destocking inventory, the company falsely claimed demand remained strong and that stock levels were “normal.” On August 19, 2025, James Hardie disclosed a 12% sales decline in the segment, attributing it to “normalization of channel inventories,” and warned of continued weakness. Following this revelation, the company’s share price fell more than 34%, causing significant investor losses.
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