James Hardie, a manufacturer of fiber cement and gypsum building products, sells fiber cement linings, exterior siding, and accessories in the U.S. and Canada through its largest North America segment. An investigation probes whether its May 2025 assurance that brand strength and customer value would enable “structural growth” was proper. On Aug 19, 2025 it reported Q1 2026 results: North America volumes fell 12% year‑over‑year; customers destocked in April–May; and it lowered guidance citing inventory levels. Shares fell sharply on Aug 20, 2025.