FBU - Fletcher Building

[bigbruce]

May be grounds for class action for those investors who purchased shares after release of results and webcast 16th Aug 23 and 21st Sept 23 where CEO interviewed on Shareies,
both occasions CEO stated product OK and pointed to installation issues as east coast has no issues.

[Ricky-bobby]

There will be a big dip in sp, then it will recover… look at sky city.

[Toddy]

True. But it may take years if everyone Lawyers up.

[Balance]

Isnt Fletchers the manufacture of these busted pipes? and the installer is saying its faulty i.e. Fletchers billion dollar problem?

Will be FBU's problem if it is Iplex's manufacturing fault.

There are two sides to the dispute so likely to go to court, one suspects.

Lawyers will be rubbing their hands with glee while affected homeowners suffer.

https://www.watoday.com.au/national/...11-p5ebjf.html

In a statement, Fletcher Building claimed its own investigation and extensive independent testing pointed to installation as the cause of the burst pipes.

“We have also collected evidence from more than 270 individual inspections of homes in Perth constructed by 12 different builders and plumbers,” a spokesman said.

“This has identified significant installation failures, in breach of Australian Standards, the Plumbing Code and installation guidelines.

“These installation failures are the type that generate the plumbing failures that have been experienced by homeowners.”

[Toddy]

A very scary article. I suspect that FBU will be on a trading halt for an extended period.

[Rawz]

Absolute nightmare. Lucky FBU are use to dealing with these type of things lol

[Poet]

According to Tim Hunter in the NBR

''Fletcher has had a copy of BGC’s investigation report since June 2.''

So another potential source of (class action?) litigation from disgruntled purchasers of shares in the period between 2 June and yesterday's trading halt.

Jeez, maybe the solution here is an increase in Directors' fees.

[whatsup]

Will be FBU's problem if it is Iplex's manufacturing fault.

There are two sides to the dispute so likely to go to court, one suspects.

Lawyers will be rubbing their hands with glee while affected homeowners suffer.

https://www.watoday.com.au/national/...11-p5ebjf.html

In a statement, Fletcher Building claimed its own investigation and extensive independent testing pointed to installation as the cause of the burst pipes.

“We have also collected evidence from more than 270 individual inspections of homes in Perth constructed by 12 different builders and plumbers,” a spokesman said.

“This has identified significant installation failures, in breach of Australian Standards, the Plumbing Code and installation guidelines.

“These installation failures are the type that generate the plumbing failures that have been experienced by homeowners.”

How possible can a installer be at fault when they most probably have been installing all brands of plumbing pipes, this appears to me to be a failure of the type of plumbing just like the piping that was installed in the majority of N Z homes in the 1980's that split or had pin hole fractures after 10 years from installation.

[Biscuit]

How possible can a installer be at fault when they most probably have been installing all brands of plumbing pipes, this appears to me to be a failure of the type of plumbing just like the piping that was installed in the majority of N Z homes in the 1980's that split or had pin hole fractures after 10 years from installation.

Wouldn't surprise me if it was an installation problem if Aussie plumbers are anything like NZ plumbers. We had a shower installed which immediately leaked into the wall. After much back-and-forth, it was clearly the installation at fault. Reinstalled by another plumber recommended by the manufacturer, who also incorrectly installed it. Don't like to generalize but...

[Balance]

Wouldn't surprise me if it was an installation problem if Aussie plumbers are anything like NZ plumbers. We had a shower installed which immediately leaked into the wall. After much back-and-forth, it was clearly the installation at fault. Reinstalled by another plumber recommended by the manufacturer, who also incorrectly installed it. Don't like to generalize but...

Interesting that the problems are localised around Western Australia?

And BGC is in deep strife for taking on too many projects and being unable to deliver.

Have they been cutting corners and using unskilled workers?

Lawyers must be licking their lips at the tens of millions of dollars of fees going their way!