A multi-million dollar class action has been launched against Australian-based mining company OZ Minerals Ltd for allegedly misleading shareholders.
Almost 40,000 shareholders are behind the class action filed in the Federal Court today.
Oz Minerals has been accused of misleading and deceptive conduct and for failing to disclose to the market its true debt position.
ACA Lawyers say more than $250 million in compensation is being sought for former Zinifex shareholders who acquired OZ Mineral shares in 2008 as a result of a merger between Zinifex and Oxiana.
In July 2011 the Federal Court approved the settlement of two previous class actions against OZ Minerals for about $60 million.
These settlements excluded Zinifex shareholders.
ACA Lawyers' Principal Craig Allsopp said OZ Minerals' true debt position was material information which should have been disclosed to the market.
"Former Zinifex shareholders were excluded from the settlement of two previous class actions against OZ Minerals," he said.
"This will be an opportunity for them to recover their losses."
The first directions hearing will be on April 4, in Melbourne.
MBN Price at posting:
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