Shareholders MISLEAD to believe FALSE progress status, page-30

@Bullrush007

You are going to have to be a bit more methodical and proactive. Waiting for authorities to act is low in risk but also offers low returns. The most likely outcome is fines and sanctions, which do not benefit shareholders at all, and some information that could possibly be useful in a class action to recover damages.

If you're serious about launching a class action you need to do something. Here are some things you could try (in no particular order):

• See if there is an appetite for action amongst holders. Try making contact with some of the top shareholders from the last annual report. Alternatively request a copy of the shareholder register and write to a few holders inviting their views. While the stock has been removed from quotation, the company is still a publicly listed company and the register should still be available. It's not free. It will cost you a few hundred dollars.
• Compile a headline list of statements made by the company where they indicated that they were on track to begin production. Include the date that each statement was made. These statements encouraged investors to invest, increase their exposure, or continue to hold when a realistic statement would have given investors an opportunity to avoid further losses. Don't include vast screeds of the announcements (like above), use headings, summaries, critical excerpts, etc. Anybody looking at the case will look up the announcement to verify your statements.
• Build a case around the enquiries made by the ASX. As far as we are aware the company never made any attempt to disclose that these questions had been asked, nor did it ever make any attempt to provide answers. Instead the company stopped trading in the stock. The lack of disclosure combined with the cessation of trading prevented investors from taking any action to protect themselves.
• Compile a list of any public statements made by key personnel that created unrealistic expectations of the company's prospects.
• State clearly who it is that you think will be defending the action, why you think they are responsible, what capacity you think they might have to defend, and what capacity you think they might have to pay (e.g. directors' insurance).

Shop your results around some of the larger law firms that run class actions. You will tend to get a response in proportion to the quality of your proposal. Ask for feedback and suggestions for further research if they don't want to pick up the case as it stands.

Oh, one more thing... do not under any circumstances expose yourself here on HotCopper. It's pretty easy for those with large bank accounts to bully and intimidate "activists" into silence.