raises $80.6mil at $0.06, page-37

I'm not a shareholder but I've just had a quick look at this one. What a schoker.
Look at the management team - the whole lot of them (bar one) have only recently joined the company. With all the acquisitions didn't it occur to anyone that you need to build a management scaffold. What happened to cash flow modelling, projections and financial contingency planning. A bullish announcement and presentation in October and suspension less than one month later. The pat on the back for CL on his way out (with $800K cash in his pocket from FY 10) by the Chairman must really stick in the shareholders nostrils. IMHO it is a disgrace.
The problem with the class action is that the cupboard is bare. I would probably be blitzing ASIC with complaints. They should be having a close look at the upcoming prospectus and then comparing it with what has been previously released to the market. Also, ASIC and ASX should be forcing the directors to disclose the amount of money that they will be subscribing under the offer. Kennan has a minimum entitlement to $94K worth of shares. He received $151K in remuneration last year and as Chairman of the rem committee oversaw CL's remuneration of > $1m.
As a general comment IMO, from a director's point of view it goes something like this: If the company wins the directors and management win (sometimes big time) - as do the shareholders. If the company loses, directors and management still win but shareholders lose out (sometimes big time). However, in some cases it doesn't stop there. If it really goes pear shaped the company might look to shareholders as financial backers of last resort.