Law firm plans OZ Minerals class action

(AAP) - Law firm Slater & Gordon Ltd is preparing to notify 94,000 OZ Minerals Ltd shareholders of a class action against the miner.

A statement from Slater & Gordon on Thursday said it was representing investors who
claim OZ Minerals failed to disclose the full extent of its debt and refinancing
difficulties as it "struggled to stay afloat" in 2008.
It intends to mail out notices to 94,000 investors in OZ Minerals, from Friday.
Slater & Gordon practice group leader Van Moulis said it was alleged OZ Minerals
failed to release important financial information between February 29, 2008 and
December 1.
"The market relies on being fully informed, and with OZ Minerals we believe
shareholders were sadly let down," Mr Moulis said in a statement.
Investors have alleged OZ Minerals breached its continuous disclosure obligations
and understated its liabilities by about $300 million.
A spokeswoman for OZ Minerals said the copper and gold miner rejected the
allegations and would be strongly defending them.
Recently the Australian Securities and Investments Commission (ASIC) investigated OZ
Minerals' disclosure obligations between July 1, 2008 and December 31, 2008.
ASIC did not intend to take any further action as a result of that investigation but
left open the option of recommencing it if circumstances changed, OZ Minerals said
last month.
The class action is funded by Litigation Lending Services.
Shares in OZ Minerals closed up 1.5 cents, at $1.67, while Slater & Gordon put on
five cents, at $1.95.