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Oz minerals class action registrations closing soon

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Media Release

Published on

Sorry, the online registration process for the Oz Minerals Class Action closed on 20 January 2011. No further registrations are accepted.

More than 5,000 "mum and dad" shareholders and 30 institutional investors have joined a class action against the mineral resource company, OZ Minerals Limited (ASX: OZL) being conducted by national law firm, Slater and Gordon.

Investors wanting to join the class action have until this Thursday (January 20, 2011) to register.

Ms Vicky Antzoulatos, from Slater and Gordon's Commercial Litigation Group, says shareholders from across Australia and internationally have registered for the class action.

"Any OZ Minerals investor who is potentially part of the class action and does not register by this Thursday is likely to miss out on the opportunity to make a claim for their losses," she said.

"The majority of registrations are from New South Wales and Victoria.  The potential losses range from hundreds to millions of dollars."

The class action is open to investors who purchased shares in OZ Minerals and its predecessor Oxiana Limited (ASX:OXR), between 29 February 2008 and 1 December 2008 except for those who, as at 26 November 2010, were already bringing a claim against the company.

In excess of 70 million shares in the company were purchased during the relevant period of the class action.

The class action alleges that OZ Minerals failed to disclose the full extent of its debt and refinancing difficulties as it struggled to stay afloat in 2008.

It also alleged OZ Minerals engaged in misleading or deceptive conduct and breached its continuous disclosure obligations by understating its liabilities by approximately AUD$300 million and by failing to inform the market of its refinance risk and its risk of insolvency.

Slater and Gordon filed the class action on behalf of Anthony Scott and Nicola Taws as representatives of investors on August 24, 2010.

The class action is being funded by national litigation funder, Litigation Lending Services.