• Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
    Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
  • Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
    Freedom Foods Group's under-performing Cereals and Snacks business may be divested as the company reviews its entire operations.
  • Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
    Freedom Foods Group's launched its personalised nutritional brand Vital Life in 2020. Immune Shot combines manuka honey, lactoferrin and vitamin C.
  • MILKLAB is a rare good news story for Freedom Foods Group in 2020, with sales growing 73% and a new contract signed with McCafe for its almond milk variety. Overall export sales to Southeast Asian markets rose 261 per cent to $34 million, showing an increased market acceptance of Australia’s Own and MILKLAB dairy brands.
    MILKLAB is a rare good news story for Freedom Foods Group in 2020, with sales growing 73% and a new contract signed with McCafe for its almond milk variety. Overall export sales to Southeast Asian markets rose 261 per cent to $34 million, showing an increased market acceptance of Australia’s Own and MILKLAB dairy brands.
  • Freedom Foods Group's Australia's Own brand was a rare highlight for the company in 2020. Dairy and Nutritionals revenue was up 37% to $362.9m; and Plant-based Beverages revenue rose 30% to $132.3m. Overall export sales to Southeast Asian markets rose 261 per cent to $34 million, showing an increased market acceptance of Australia’s Own and MILKLAB dairy brands.
    Freedom Foods Group's Australia's Own brand was a rare highlight for the company in 2020. Dairy and Nutritionals revenue was up 37% to $362.9m; and Plant-based Beverages revenue rose 30% to $132.3m. Overall export sales to Southeast Asian markets rose 261 per cent to $34 million, showing an increased market acceptance of Australia’s Own and MILKLAB dairy brands.
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Slater & Gordon has filed a class action against Freedom Foods Group and its auditors, Deloitte Touche Tohmatsu in the Victorian Supreme Court.

The action is brought on behalf of shareholders who acquired shares in the company between 7 December 2014 and 24 June 2020, after losses following the company’s recent announcements regarding material write downs in asset valuations and restatements of prior year financial results.

Slater and Gordon practice group leader Emma Pelka-Caven said: “The class action alleges that Freedom Foods contravened its continuous disclosure obligations by failing to keep the market informed of price-sensitive information relevant to its FY20 and historic financial performance, and further that it made statements to the market which were misleading or deceptive.”

The class action also alleges that auditor Deloitte engaged in misleading or deceptive conduct in making statements regarding the financial accounts of Freedom Foods throughout the claim period.

FFG said the proceeding alleges breaches of the Corporations Act 2001 (Cth), Australian Securities and Investments Commission Act and Australian Consumer Law.

FFG has appointed Arnold Block Leibler to defend the proceeding.

 

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