ISF seem be same similar questions with ELD in the information...

ISF seem be same similar questions with ELD in the information disclosed, relationship of treats the investors and that causes in the heavy loss of investor.
so ELD shareholders class action is very worth to paying attention for reference.


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Elders faces class action from 'angry' investors over earnings dip LEONIE WOOD
June 26, 2010

JUST days after rural services, finance and property group Elders unveiled a huge downgrade in full-year earnings, triggering a dramatic slide in its share price, a law company has raised the prospect of running a class action against the company.

Slater & Gordon said it had been approached by what it described as ''angry'' shareholders, and it now planned to examine the circumstances leading up to Elders's earnings downgrade. Slater & Gordon said its investigation would be financed by litigation funder Comprehensive Legal Funding.

Elders told the market on Tuesday morning that it expected an after-tax full-year loss of between $8 million and $14 million. Since then, its shares have more than halved. The stock closed yesterday at 36.5, down 45.5 for the week.

In September last year, Elders placed $400 million of shares to institutional investors at an effective price of $1.50 each (after taking into account a 1-for-10 share consolidation in December). At the time, Elders said it expected net profit of $55.7 million for the year to September 30, 2010, and for underlying profit before interest and tax to rise $16.8 million to $84.2 million.

Fund manager IOOF disclosed yesterday that on Tuesday and Wednesday it sold 28.65 million Elders shares, or 6.4 per cent of the shares on issue, realising $12 million.

But while many shareholders have been selling, one Elders director has added to his portfolio. On the day of the downgrade, non-executive director James Ranck and his wife bought 34,000 Elders shares, taking their total holding to 128,334 shares.

The Rancks also bought 20,000 shares on June 11 and 30,000 shares on May 21, when the shares were trading around $1.

Slater & Gordon partner James Higgins said Elders's disclosure track record was ''very poor''.

In a late statement to the exchange, Elders said it was ''committed to its continuous disclosure and governance obligations and has complied with these obligations in full''.

http://www.theage.com.au/business/elders-faces-class-action-from-angry-investors-over-earnings-dip-20100625-z9sh.html