PGG Wrightson's largest shareholder Agria has had a US class action against it dismissed.
The Chinese agriculture firm, which is expected to hold 19 per cent of PGW after its capital raising is completed in the next few weeks, was facing multiple class action by investors who bought into the company through its 2007 initial public offer on the New York Stock Exchange.
The plaintiffs have 30 days to appeal the court's decision.
PGW's share price closed up 4c at 62c yesterday.
AdvertisementAdvertise with NZME.
Latest from Business
Shortage of aircraft seats the latest problem for airlines
Financial Times: Delays getting seats the latest supply chain issue for airlines.