OZ Minerals shareholders are banding together to sue the company for “misleading and deceptive conduct”.
The class action claims the miner breached obligations to disclose details of debt refinancing problems that forced the company to halt trading of its shares for the remainder of 2008.
OZ Minerals suspended its stock in early December 2008 after revealing it was struggling to refinance over $850m worth of debt.
It is believed the company was aware of financing difficulties earlier this year when it was formed through the merger of Oxiana and Zinifex in July 2008.
Litigation group IMF Australia is funding the legal action and says all shareholders who bought Oz Minerals securities during the merging period are eligible to participate in the claim.
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