Phoslock Environmental Technologies Ltd (ASX: PET) today informed the market that the mediation conducted in relation to its ongoing class action proceedings has been terminated without a resolution. The company, an ASX-listed specialist in water treatment products, develops and supplies solutions to remediate polluted lakes, rivers, canals, and drinking water reservoirs, with its flagship product, Phoslock®, being a lanthanum modified bentonite designed to permanently bind excess phosphorus. This binding action prevents the formation of harmful cyanobacteria. The announcement, released on 12 June 2026, confirmed that the parties involved in the dispute were unable to reach an agreement during the mediation process.
The termination of the mediation definitively concludes the parties’ current settlement discussions. As a direct consequence, the class action proceedings will now continue to progress through the legal system, adhering to the directions provided by the Court. This development indicates that the resolution of the legal dispute will now revert entirely to the judicial process, rather than being settled through further negotiation or an out-of-court agreement at this juncture.
The update to shareholders was officially approved by Mr Fred Bart, the Chairman of Phoslock Environmental Technologies. PET maintains a global operational footprint, headquartered in Sydney with an office and factory in Changxing, China, and personnel located across Europe and the USA. The company also extends its reach through licensees, distributors, and agents in numerous countries, including HydroScience in Brazil and the Orion Companies in the USA. Phoslock® holds certifications for use in drinking water across North America, Europe, Brazil, Australia, and China, underscoring its established market presence.
