What is the class action about
Our initial investigations indicate that there is already strong evidence that supports the proposition that Cochlear knew or should have known it was unlikely to meet its profit guidance when it released its February Guidance at the latest, for the reasons outlined below.
What are the core details if the investigation
1
Reduction in market capitalisation
$4.5 Billion
2
Preliminary loss estimate
$500–700 million
3
Share price reduction
41% reduction of share price on 22/04/2026
How do I know if I’m impacted?
If you held shares in Cochlear Limited (ASX: COH) during April 2026 as an investor or in a self managed super fund you may be impacted by this class action.
If you are unsure, please register your details and our experienced class actions team will be in touch.
What do I need to do?
Register using the form below
Share this page with anyone you know who may be impacted and encourage them to register
Register for updates on the Cochlear class action investigation
Why should I register with Gordon legal
We have years of experience in class actions, helping Australia from all walks of life including Australia’s largest class action the Robodebt class action, the Banjima remediation class action and shareholder class actions in the vein of ESSSuper, and First Guardian and Shield Master Funds
How did we get here
15 August 2025
13 February 2026
22 April 2026
What does this mean Cochlear has done?
Cochlear therefore reduced its FY26 profit guidance by $100‑$115 million in 8 weeks on a constant currency basis. As above, after the April Guidance was issued, on 22 April 2026, Cochlear’s share price fell by more than 40% in a day. On that day, Cochlear’s market capitalisation reduced by approximately $4.5 billion.
FAQs
What does a Class Action Investigation mean?
It means we are looking into whether a group of people who were affected in a similar way may have a claim for compensation.
A class action is a legal proceeding brought on behalf of a group of people with similar claims. Not everyone’s circumstances need to be identical, but there must be common issues.
At this stage, no class action has been started. We are investigating whether there are grounds for compensation through a class action.
Does registering with Gordon Legal now mean I’m joining a class action?
No. Registering now does not mean you are joining a class action.
No legal proceedings have been started at this stage. Registering simply means:
- we can let you know if a class action is launched
- you’ll receive updates about the investigation
- we can contact you if we need more information
There is no cost to register, and you are not obliged to take part in any legal proceedings. You can decide later whether you want to participate in legal action.
Has a class action commenced?
No. A class action has not been lodged, however we are currently investigating a potential class action.
On 18 December 2023 we lodged a representative complaint with the Office of the Australian Information Commissioner (OAIC), and are currently awaiting an outcome.
Can I register on behalf of someone?
In many cases, yes.
You may be able to register on behalf of:
- a parent or family member who needs assistance
- someone for whom you hold legal authority, such as a power of attorney
- the estate of someone who has passed away
If you are registering for another person, it is helpful to explain your relationship to them and whether you hold authority to act on their behalf. Gordon Legal may contact you if further information is needed.
Do I have to pay Gordon Legal?
- There are no upfront or out of pocket costs for group members. The SDA are contributing towards the legal costs in the KFC Rest Breaks Class Action because they know how important it is that KFC workers get what they are owed.
- Any excess costs will be funded by Gordon Legal on a no-win no-fee basis.
- This means that legal costs will only be charged if there is a successful outcome, such as a settlement or a judgment of the Court. If the class action is not successful, there will be no costs payable by group members.
