OZ Minerals (Australia)
Status: Ongoing Case
Labaton Sucharow serves as liaison counsel on behalf of former Zinifex Limited (Zinifex) shareholders in this action against OZ Minerals involving the merger of the two companies. The action alleges that Oxiana Limited failed to disclose information to the market in a timely manner regarding its unfavorable refinancing of debt. This non-disclosure resulted in Zinifex shareholders voting on a merger based on incomplete information.
In June 2008, Oxiana Limited, an Australian mining company, merged with another Australian miner, Zinifex Limited. The new company was named OZ Minerals. Former Zinifex shareholders are bringing suit against OZ Minerals on behalf of shares acquired in a 2008 Scheme of Arrangement. In the months following the merger, OZ Minerals' shares fell in value and it was suspended from official quotation pending full disclosure of debt position.